Crypto Market (December 3, 2024) – South Korea’s $18 Billion Crypto Market: XRP, ENS, and HBAR Lead the Charge
Crypto Market (December 3, 2024)- Retail trading volumes for crypto assets in South Korea have reached an impressive $18 billion in the last 24 hours, surpassing the country’s stock market by a remarkable 22%, according to a 10x Research report. On December 2, Markus Thielen, founder of 10x Research, reported that retail crypto trading volumes hit their second-highest level of the year. This surge is largely driven by a flurry of retail traders capitalizing on high-momentum altcoins.
Top Performers in South Korea’s Crypto Trading Surge
Among the standout performers, Ripple’s XRP saw an extraordinary trading volume of over $6.3 billion in South Korea on December 2. Dogecoin followed with $1.6 billion, while Stellar reached $1.3 billion. Other top traded cryptocurrencies include Ethereum Name Service (ENS) at $900 million and Hedera (HBAR) at $800 million. Thielen emphasized that these cryptocurrencies are largely driven by retail traders who are actively capitalizing on momentum-driven trends, particularly in older tokens known as “dino coins” within the crypto community.
XRP, ENS, and HBAR Surge as Market Leaders
In the past week, XRP, ENS, and HBAR have significantly outperformed the broader crypto market. XRP saw an increase of 90%, ENS gained 73%, and HBAR surged by an impressive 168%. Thielen pointed out that Bitcoin’s funding rate has remained relatively mild, only 15% annually, which, combined with the recent increase in trading activity for altcoins, suggests that an “altseason” is underway. He stated, “We are witnessing one of the largest divergences recorded between Bitcoin’s relatively mild funding rate and the massive surge in retail trading volumes in Korea.”
XRP’s Historic Rally Continues
One of the biggest highlights of the current surge is Ripple’s XRP, which has been on a historic rally. XRP has soared from $0.50 a month ago to a new yearly high of $2.80 on December 2, according to TradingView data. This remarkable rise has allowed XRP to surpass both Solana (SOL) and Tether (USDT) in market capitalization, making it the third-largest crypto asset by total value at the time of publication.
The Altcoin Market is Where the Action Is
As Thielen noted, the action is firmly in the altcoin market, and he advises traders to have a strategy to catch these waves while maintaining discipline. With South Korea’s crypto market showing such strong momentum, it’s clear that retail traders are continuing to play a central role in driving the growth of these assets, particularly the high-momentum tokens like XRP, ENS, and HBAR.
As altseason continues to unfold, all eyes are on these high-performing altcoins, with XRP leading the charge as one of the most promising assets in the current market climate.
Disclaimer: This website’s content is for informational purposes only and does not constitute financial advice, with all cryptocurrency purchases carrying inherent risks.
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