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According to a recent report from research firm 10x Research, retail Cryptocurrency trading volumes in South Korea rose to $18 billion on Monday, outperforming the country’s stock market by 22%.
In a post, “10x Research” founder Markus Thielen expressed that cryptocurrency retail trading volumes reached their second highest level of the year, on December 2. This, mainly driven by South Korean traders frenzied by a series of “high momentum” altcoins.
Notably, Ripple’s XRP token witnessed a daily volume of over $6.3 billion in South Korea. Additionally, Dogecoin (DOGE) ranked second with $1.6 billion, followed by Stellar (XLM) with $1.3 billion, Ethereum Name Service (ENS) with $900 million, and Hedera (HBAR) with $800 million. daily trading volumes.
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“These cryptocurrencies are predominantly being driven by retail traders, who capitalize on and reinforce current trends.” Markus Thielen noted in the publication.
On the other hand, South Korean cryptocurrency trading activity recorded 539.6 billion won, approximately $385 million, in foreign inflows on Monday.
Furthermore, Thielen’s forecast is supported by CoinMarketCap’s Altcoin Seasonal Index, which indicates the dominance of altcoins over Bitcoin, currently standing at points.
It is important to note that XRP, ENS, and HBAR, which belong to a category of older tokens, have outperformed compared to the rest of the cryptocurrency market. As a reference, each one has increased its price by 82%, 77% and 137%, respectively, in the last week.
US Economic Indicators Boost South Korean Crypto Market as XRP Outperforms SOL, USDT
Likewise, according to Seo Sang-young, strategist at Mirae Asset Securities, inflows from South Korea were driven by improving economic indicators in the United States, which included the ISM new manufacturing orders indicator, which entered expansion territory for the first time in eight months, returning investor confidence to South Korea’s export-driven economy.
On the other hand, Markus Thielen noted that Bitcoin’s funding rate is “relatively moderate,” at just 15% on an annualized basis. Furthermore, when this is combined with a recent uptick in altcoin trading activity, it is “a sure sign that an altcoin season is underway,” according to Thielen.
“Thielen highlighted that we are seeing one of the largest divergences on record, with a relatively moderate Bitcoin funding rate at 15%, while retail trading volumes in Korea soar to $18 billion.”
In addition, Thielen expressed that the recent movement of the South Korean market is a signal for all investors to have some strategy that allows them to “ride the waves.” However, Thielen warned that despite the investment opportunities, investors must “maintain discipline.”
Additionally, Ripple’s popular XRP token has been experiencing a historic rally over the past month. This, after rising from a price of $0.51 to a new annual high of $2.86 on December 2.
At the time of writing this post, XRP is trading at $2.56, accumulating monthly gains of 409.13%. Source: CoinMarketCap
For reference, this recent rally has seen XRP eclipse both Solana (SOL) and Tether (USDT), in terms of market capitalization, positioning it as the third largest crypto asset, at $145.84 billion.
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