South Korea crypto trading volume surpasses stock market
Cryptocurrencies are becoming increasingly popular in South Korea
Retail cryptocurrency trading volumes in South Korea reached $18 billion in the last 24 hours, surpassing the country's stock market by 22%, according to a report by analytics firm 10x Research.
As reported by Cointelegraph, crypto trading volumes hit their second-highest level of 2024, driven by South Korean traders' interest in altcoins.
Ripple's XRP led the way with $6.3 billion in trading volume, followed by Dogecoin at $1.6 billion, Stellar at $1.3 billion, Ethereum Name Service (ENS) at $900 million, and Hedera (HBAR) at $800 million.
“These high-momentum cryptocurrencies are predominantly driven by retail traders leveraging and amplifying existing trends,” noted 10x Research founder Markus Thielen.
XRP, ENS, and HBAR, often referred to as "dino coins" in the crypto community, significantly outperformed the broader market, posting gains of 90%, 73%, and 168%, respectively, over the past week.
Altcoin season in full swing
Thielen also highlighted that Bitcoin's funding rate, a measure of perpetual futures activity, remained "relatively mild" at just 15% annualized.
The combination of increased altcoin trading activity and subdued Bitcoin funding rates is a clear indication that an "altcoin season" is well underway, according to Thielen.
“We are witnessing one of the largest divergences, with Bitcoin funding rates at a modest 15% annualized while retail trading volumes in South Korea have skyrocketed to $18 billion. The action is clearly in the altcoin market, and everyone needs a strategy to ride these waves while staying disciplined,” he added.
Meanwhile, South Korea’s Democratic Party has postponed implementing a cryptocurrency tax until 2027.
