Markets
XRP Surpasses Bitcoin on Korean Exchanges by Trading Volume – Expert
The recent positive price movement in XRP appears to have triggered a new wave of investor interest in the coin. XRP has surpassed the largest crypto asset by market cap, Bitcoin, in trading volume among exchanges in South Koreaindicating a shift in market dynamics in the country. With fresh optimism in the cryptocurrency industry, XRP’s overtaking of Bitcoin in this important metric demonstrates its growing relevance in the market.
XRP Trading Volume Destroys Bitcoin in Korea
XRP once again proved its importance in the cryptocurrency market on Thursday, capturing a significant portion of overall trading activity in South Korea. Armando Pantoja, cryptocurrency advisor at Benzinga News Outlet, shared the positive development of the X platform (formerly Twitter), which has generated new optimism in the community around the altcoin.
Pantoja reported that the token has seen a double increase in trading volume compared to Bitcoin in the country. The cryptocurrency has raked in a whopping $650 million in trading activity, while Bitcoin has seen a much smaller volume of $282 million.
This recent surge is evidenced by the growing interest in the digital asset among investors in Korea. It also marks a significant moment for the altcoin, given South Korea’s presence in the space as a major participant.
It is important to note that in July last year, the coin surpassed Bitcoin on the Korean market by this wide margin. However, this happened when the asset’s value rose to the price level of $0.93, triggered by the positive sentiment surrounding the favorable decision in its lawsuit against the United States Securities and Exchange Commission (SEC).
Meanwhile, this recent surge coincides with prices rising above $0.58 for the first time since the market-wide pullback in April. The surge in coin holdings by whales and sharks with over 100,000 XRP coins, a notable shift in supply accumulation that began in August last year, is believed to be driving this comeback.
Over the course of the past week, Exchange rate risk has seen a value increase of over 17%, trading at $0.5544. Despite the recent increase in trading volume, its overall market capitalization still shows a negative outlook, which has dropped by over 5%.
Bullish Crowd Narratives Around Cryptocurrency
As several tokens continue to navigate the current rallies in the cryptocurrency markets, Santiment, a leading market intelligence platform, has listed XRP as one of the coins that investors should pay attention to along with Bitcoin (BTC).
Santiment is confident that the altcoin will attract further price gains in the coming days. However, given the euphoria of the crowd, platforms warn that the token could be a high-risk, high-reward investment this week.
Featured image from Adobe Stock, chart from Tradingview.com