South Korea is one of the most active cryptocurrency markets in the world, but its preferences are different from other regions.
According to data released by leading digital asset data provider Kaiko, South Koreans are turning to other altcoins instead of Bitcoin and Ethereum.
Kaiko analyzed the market share of altcoin volume on the four major Korean exchanges listed as Korbit, Upbit, Bithumb and Coinone.
XRP Becomes the Altcoin with the Most Transaction Volume on Korean Exchanges
The data shows that in 2023, Ripple (XRP) is the most traded token on these platforms, accounting for 12% of the cumulative trading volume.
This is followed by Dogecoin (DOGE) at 4%, Sandbox (SAND), Ethereum Classic (ETC), Arbitrum (ARB), Aptos (APT), Waves (WAVES), ICON (ICX), MiL.k (MLK), each with 2%. ), followed by Swipe (SXP), Loom Network (LOOM), Gas (GAS), Augur (REP), Decentraland (MANA), Neo (NEO), Threshold (T), Axie Infinity (AXS), and Serum (SRM) .
The remaining tokens have less than 2% market share.
Kaiko's report concludes that South Korea is a unique and influential market for cryptocurrency trading, and altcoin preferences reflect an appetite for innovation and risk taking. Kaiko provides historical and real-time data feeds covering over 210,000 spot, futures and options instruments for over 100 spot and derivatives exchanges.
*Not investment advice.