Trading volumes in South Korea’s cryptocurrency market surged 22 percent on Dec 2 compared to the stock market, pushing it ahead, according to a 10x Research report. Crypto trading activity eclipsed foreign inflows of $385 million into the country’s stock market during the same 24-hour period, at $18 billion.
The vibrant retail appetite for popular cryptocurrencies, including Hedera, Dogecoin, Stellar, and Ripple, drives this significantly growing crypto trading. According to 10x Research, South Korean investors continue to show interest in altcoins. The tokens these blockchain-based projects use were cited as catalysts for increased trading activity.
Meanwhile, South Korea’s stock market also saw notable action, with its biggest foreign inflow in three months. Global funds poured $152.98 billion into Kospi index shares on Monday, leading the benchmark Kospi index to rise 1.9 percent after two straight down days.
South Korea Sees Surge In Crypto Trading Amid Positive U.S. Economic Data
The Mirae Asset Securities Co strategist, Seo Sang-young, said the flow was the positive U.S. economic data, including the ISM manufacturing new orders gauge, which went into expansion for the first time in eight months. The boost helped build investor confidence in South Korea’s export-driven economy.
The top-performing coins in the market are XRP, with $6.3 billion of inflows into the crypto market, Call Dogecoin (DOGE), at $1.6 billion, and Stellar (XLM), at $1.3 billion. Like altcoins, Ethereum Name Service (ENS) and Hedera (HBAR) experienced strong trading activity.
XRP has reached a yearly high of $2.80 and has become the third largest cryptocurrency, overtaking Tether with a total global trading volume of $42.65 billion in the last 24 hours. “Altcoins have led the markets, and we have seen no change in Bitcoin funding rates, with Bitcoin funding rates at 15%,” Markus Thielen, CEO of 10x Research, noted. He said the action is clearly in the alt. coin market.
CoinMarketCap’s Altcoin Season Index further proves that altcoins now control 83% of the market compared to Bitcoin’s 17%. The South Korean crypto market has been moving at a dizzying pace, pushed by retail investors flocking toward these digital assets, outpacing other traditional stock market activity by a wide margin.
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