South Korea’s retail crypto trading has reached an impressive milestone. In the past 24 hours, trading volumes soared to $18 billion. This figure surpasses the country’s stock market by 22%. Retail traders in South Korea are showing intense interest in high-momentum cryptocurrencies such as Ripple’s XRP, Dogecoin (DOGE), Ethereum Name Service (ENS), and Hedera Hashgraph (HBAR).
Ripple’s XRP token alone witnessed over $6.3 billion in trading volume within South Korea. Dogecoin came in second with $1.6 billion. Ethereum Name Service saw $900 million, and Hedera reached $800 million. These altcoins are being driven mainly by retail traders who are capitalizing on and reinforcing momentum-driven trends in the cryptocurrency market.
XRP, ENS, and HBAR are part of a group of older tokens often referred to as “dino coins” by crypto enthusiasts. Despite their age, these altcoins have been major outperformers in the crypto market. Over the last week, XRP has gained 90%, ENS has risen by 73%, and HBAR has surged by 168%. This significant increase in altcoin trading activity suggests that an “altseason” is underway.
An altseason is a period when altcoins—cryptocurrencies other than Bitcoin—experience rapid growth in value and trading volume. During an altseason, investors often shift their focus from Bitcoin to altcoins in search of higher returns. The current trends in South Korea indicate that such a period may be occurring.
Markus Thielen, founder of 10x Research, reported that retail crypto trading volumes in South Korea reached their second-highest level of the year on December 2. He noted that Bitcoin’s funding rate is relatively mild at just 15% annualized. The funding rate is an indicator that reflects the cost of holding a perpetual futures contract. A low funding rate suggests that traders are not heavily leveraged in Bitcoin.
This mild Bitcoin funding rate, combined with the surge in altcoin trading volumes, indicates that retail traders are focusing on altcoins rather than Bitcoin. Retail traders in South Korea are capitalizing on momentum-driven cryptocurrency trends. They are contributing to significant trading volume increases in the altcoin markets.
Ripple’s XRP has been experiencing a historic rally over the last month. The token surged from a price of $0.50 to a new yearly high of $2.80 on December 2, according to data from TradingView. This represents an increase of over 436% in just one month. In terms of market capitalization, XRP has become the third-largest crypto asset by total value at the time of writing.
Dogecoin, another high-momentum cryptocurrency, saw $1.6 billion in trading volume in South Korea. Dogecoin started as a meme coin but has gained a significant following. The interest in Dogecoin indicates high retail enthusiasm for altcoins. Ethereum Name Service, which provides decentralized domain names on the Ethereum blockchain, reached $900 million in trading volume. Hedera Hashgraph, known for its high-speed transaction capabilities, gained 168% in the last week.
The surge in South Korea’s retail crypto trading volumes suggests a shift towards altcoins among retail investors. High-momentum cryptocurrencies are being driven predominantly by retail traders in South Korea. They are reinforcing momentum-driven trends in the cryptocurrency market.
Bitcoin’s funding rate remains mild as interest in altcoins grows. The funding rate for Bitcoin reflects the cost of holding long or short positions in perpetual futures contracts. A low funding rate suggests that traders are not taking large leveraged positions in Bitcoin. Instead, they may be allocating their capital to altcoins, which are experiencing significant gains.
The divergence between Bitcoin’s mild funding rate and the surge in altcoin trading volumes indicates that an altseason is underway. Retail traders are showing frenzied interest in high-momentum tokens, reinforcing momentum-driven trends in the cryptocurrency market.
South Korean retail traders are contributing to significant trading volume increases in the altcoin markets. The retail frenzy over altcoins like XRP and DOGE shows that traders are eager to catch these waves while remaining disciplined. High-momentum cryptocurrencies are being driven predominantly by retail traders in South Korea.
The cryptocurrency market in South Korea is seeing retail trading volumes surge, beating the local stock market by 22%. This suggests that retail traders are more interested in the cryptocurrency market than traditional equities. The significant uptick in altcoin trading activity indicates that traders are seeking higher returns in the altcoin market.
Markus Thielen’s report highlights that retail trading volumes in South Korea have reached their second-highest level of the year. He advises that traders need to have a strategy to catch these waves while remaining disciplined. The action is clearly in the altcoin market.
In addition to XRP, DOGE, ENS, and HBAR, other altcoins may also experience increased trading volumes as retail traders seek new opportunities. The surge in retail trading volumes for crypto assets in South Korea reflects a broader trend of growing interest in cryptocurrencies among retail investors.
The cryptocurrency market trends in South Korea indicate a shift towards altcoins among retail investors. Retail traders in South Korea are capitalizing on momentum-driven cryptocurrency trends. They are contributing to significant trading volume increases in the altcoin markets.
High-momentum cryptocurrencies like Ripple’s XRP are experiencing significant gains. XRP’s rally over the last month has been remarkable. The token’s surge to a new yearly high reflects strong demand from retail traders.
Dogecoin’s significant trading volume in South Korea indicates high retail interest. Originally created as a joke, Dogecoin has become a popular cryptocurrency among retail traders. Its low price per coin makes it accessible to a wide range of investors.
Ethereum Name Service provides human-readable names for Ethereum addresses, making it easier to interact with decentralized applications. The interest in ENS reflects a growing appreciation for projects that improve user experience in the blockchain space.
Hedera Hashgraph offers a distributed ledger technology that differs from traditional blockchains. It uses a gossip-about-gossip protocol and virtual voting to achieve consensus. This allows for high transaction speeds and low fees. The significant gains in HBAR suggest that traders are recognizing the potential of alternative distributed ledger technologies.
The surge in altcoin trading volumes in South Korea may also be influenced by regulatory factors. South Korea has a well-developed cryptocurrency market with supportive regulations that encourage trading. The accessibility of crypto exchanges and the availability of various altcoins make it easier for retail traders to participate in the market.
The significant interest in altcoins among South Korean retail traders may reflect broader trends in the global cryptocurrency market. As investors seek higher returns, they may be more willing to invest in altcoins that have the potential for significant gains.
Retail traders are playing a crucial role in driving momentum in the cryptocurrency market. Their collective actions can have a significant impact on trading volumes and price movements. By capitalizing on momentum-driven trends, retail traders can contribute to the rapid growth of certain cryptocurrencies.
The divergence between Bitcoin’s mild funding rate and the surge in altcoin trading volumes highlights the shifting focus of traders. While Bitcoin remains the largest cryptocurrency by market capitalization, the excitement is currently centered around altcoins.
Investors should be aware of the risks associated with trading high-momentum cryptocurrencies. While the potential for high returns exists, altcoins can also be highly volatile. Traders need to remain disciplined and have a clear strategy when participating in the altcoin market.
The current trends in South Korea’s cryptocurrency market provide insights into the evolving dynamics of crypto trading. Retail traders are increasingly influential, and their preferences can shape market movements.
As the altseason continues, it will be interesting to observe how the cryptocurrency market develops. The performance of altcoins like XRP, DOGE, ENS, and HBAR may influence investor sentiment and market dynamics in the coming weeks.
