HomeNewsRipple's XRP and Dogecoin Preferred Over Bitcoin and Altcoin for 10x Profit...

Ripple’s XRP and Dogecoin Preferred Over Bitcoin and Altcoin for 10x Profit Potential, Traders Say

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    • Korean traders are favoring altcoins like XRP and Dogecoin over Bitcoin and Ethereum.
    • XRP has emerged as the most traded altcoin in Korea, followed by DOGE, SAND, and ETC.

Recent research conducted by analytics platform Kaiko has revealed a unique market structure in the Korean crypto markets. While Bitcoin and Ethereum dominate most other regions, Korean traders have shown a preference for altcoins, deviating from the global trend. This shift in market sentiment is an interesting phenomenon that sets the Korean crypto markets apart.

Notably, investors who are allocating funds to the top cryptocurrencies in Korea are paying a premium. This has been a consistent trend throughout the year, with the Bitcoin Korea Premium Index mostly remaining above the zero line. Currently standing at 2.04, the index indicates that the “buy the dip” phenomenon is in play among Korean traders.

While it may appear that Koreans are exerting buying pressure on the Bitcoin market in the short term, it should be noted that the intensity of this trend is relatively mild for now. During previous bull markets, the Bitcoin Premium Index has surged well beyond 21, providing further context to this observation.

In terms of alternative investment choices, Korean traders have been diversifying their portfolios away from the top cryptocurrencies. According to Kaiko’s research, XRP has emerged as the most traded altcoin year-to-date, followed by DOGE, SAND, and ETC. These tokens have captured between 3-4% of the trading volume in Korea.

The list of other notable tokens in the 2% bracket includes Arbitrum, Axie Infinity, Aptos, Waves, Serum, and Decentraland, among others. XRP, in particular, has seen significant trading volume on native exchanges such as Bithumb, where it commands over 1/4th of the total trade volume. Upbit and Korbit also show substantial trading activity for XRP, accounting for 18.5% and 33% of the volume, respectively.

The preference for altcoins among Korean traders highlights their unique approach to the crypto market. While Bitcoin and Ethereum remain prominent globally, the Korean market has embraced alternative cryptocurrencies, creating a distinct trading landscape that sets it apart from other regions.

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Godfrey Benjamin
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose primary goal is to educate everyone about the prospects of Web 3.0. His love for crypto was sparked during his time as a former banker when he recognized the clear advantages of decentralized money over traditional payments. Business Email: info@ethnews.com Phone: +49 160 92211628