XRP Surpasses Ethereum in Popularity among South Korean Investors, Survey Shows

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In a survey conducted by Korean news outlet News1, it was found that Bitcoin (BTC) continues to be the most favored digital coin in South Korea, with Ripple‘s XRP (XRP) and Ethereum (ETH) trailing behind. The popularity of Ripple’s XRP has surpassed that of Ethereum lately, a trend that can be linked to the robust growth of the digital asset sector in South Korea since 2018. Here are some key statistics:

– Bitcoin: $97,780, 24h volatility: 4.1%, Market cap: $1.94 T, Vol. 24h: $52.63 B
– Ripple’s XRP: $2.32, 24h volatility: 5.0%, Market cap: $133.42 B, Vol. 24h: $5.65 B
– Ethereum: $3,492, 24h volatility: 5.5%, Market cap: $420.85 B, Vol. 24h: $24.03 B

On December 24th through the 26th, a local news source disclosed that they polled 5,225 cryptocurrency investors about their preferred digital assets. These particular assets were the top ten cryptocurrencies in South Korea ranked by market capitalization. The results of the voting indicated Bitcoin as the number one pick, with XRP following closely behind, and Ethereum taking third place. Additionally, Dogecoin and Bitcoin Cash rounded out the top five.

For quite some time now, Bitcoin’s influence remains significant. With the anticipated launch of a Bitcoin ETF and the possible presidency of crypto-favorable Donald Trump in the U.S., Bitcoin might be propelled to even greater heights, becoming more recognized as a secure investment option. The report indicated:

Moreover, as US President-elect Donald Trump has expressed his intention to accumulate Bitcoins for strategic purposes, it’s widely believed that Bitcoin could soon be considered a ‘secure investment’.

XRP has consistently held a significant appeal among South Korean investors, often surpassing Ethereum in popularity. Since late 2017, it has been a preferred coin for many Koreans. The report indicated that Ripple continued to receive robust backing from Korean investors, even amid challenges like the lawsuit with the Securities and Exchange Commission.

In the first half of 2022, Ripple’s global market capitalization was approximately 2%, but it was much greater in Korea, where it was estimated at 12.5%. However, recent developments seem to be favoring Ripple. The election of Donald Trump and Gary Gensler’s departure as SEC Chairman have spurred growth for Ripple, with its value increasing by over 400% from early November through December.

Bitcoin Cash Outperforms Solana and Cardano in South Korea amid Economic Criticism

Based on a local study, Bitcoin Cash appears to be more favored among investors in South Korea compared to Solana and Cardano, despite having smaller market capitalizations. Interestingly, these three coins were actually ranked higher than Bitcoin Cash by CoinMarketCap at the end of last year, with Solana in 6th place and Cardano in 9th position. In contrast, Bitcoin Cash was positioned much lower down, at the 20th spot, indicating a significantly smaller market cap compared to both Solana and Cardano. However, it’s worth noting that South Korean investors seem to have a preference for Bitcoin Cash over these two coins, placing it in the 5th position, above Solana and Cardano.

Ki Young Ju, the founder and CEO of CryptoQuant, voices his criticisms towards the South Korean government’s economic policies, particularly its management of the Korean Won (KRW). He opines that the government’s oversight in acknowledging the unattractiveness of domestic assets has resulted in a steep increase in the exchange rate. Ju points out that Tether (USDT) – with a 24-hour volatility of 0.6% and a market cap of $137.18 billion, as well as a 24-hour volume of $79.06 billion – has attained the same value as the IMF exchange rate, which suggests a substantial drainage of wealth from the nation.

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2025-01-07 18:49