South Korean Crypto Survey: Key Insights from South Korean Crypto Investor Survey
South Korean Crypto Survey– Bitcoin continues to dominate the cryptocurrency market in South Korea, maintaining its position as the most favored digital asset among investors. A recent survey conducted by News1 from December 24 to 26, 2024, revealed that Bitcoin topped the list of preferred cryptocurrencies, followed by XRP and Ethereum.
XRP Gaining Popularity in South Korea
XRP, the token associated with Ripple, has surpassed Ethereum in popularity according to the survey results. While Bitcoin has been the leader for years, XRP has garnered strong support among South Korean investors, a trend that dates back to 2017. Despite challenges like its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), Ripple has maintained a loyal following. In fact, XRP saw a remarkable 400% price increase in 2024, further solidifying its place in the top ranks.
Ethereum Holds Third Place
Ethereum, the second-largest cryptocurrency by market cap, now occupies the third spot in South Korea’s rankings. Although it remains popular globally, it has recently been overtaken by XRP in terms of domestic demand in South Korea.
Economic Concerns and Cryptocurrency Trends
Ki Young Ju, CEO of CryptoQuant, expressed concerns about the South Korean economy, particularly regarding the rising value of the Korean Won. He also highlighted the increasing value of Tether (USDT) on Upbit, one of South Korea’s major exchanges, noting that it had caught up with the IMF rate, a sign that could indicate potential risks for the domestic economy, especially in the cryptocurrency sector.
While the crypto market in South Korea continues to thrive, these economic factors may influence future trends, making it essential for investors to stay informed about both market dynamics and macroeconomic developments.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
Leave a comment