Cointime

Cointime

Download App
iOS & Android

South Korean Investors Prefer Altcoins to Majors, Tron to Ethereum: DeSpread Research

By Sam Reynolds

  • South Koreans prefer altcoins and home-grown tokens; major cryptocurrencies like bitcoin and ether have low volumes in the country.
  • Traders are attracted to the high-profit potential associated with altcoins and accept the high risks.

South Koreans are active crypto traders, with local exchanges outperforming their global rivals in volume, and have a strong preference toward altcoins and local tokens, according to a report from DeSpread Research.

The number of crypto investors in the country hit about 6 million, or 10% of the population, this year, according to a Korea Financial Intelligence Unit (KoFIU) survey, the report said. "The majority of these investors are primarily engaged in investment activities centered around centralized exchanges, making the influence of centralized exchanges in the Korean crypto market significant."

Since March, centralized exchanges worldwide have seen declines in trading volume as bitcoin traded sideways. Local exchanges, such as Upbit – the country's largest, bucked the trend, with trading volume growth outpacing market leader Binance by July.

Part of the reason for the gain was a surge in XRP's price and trading volume after a favorable ruling in Ripple's court case against the Securities and Exchange Commission.

"Korean exchanges had an explosive reaction to news related to Ripple. The trading volume of the four major Korean exchanges, which recorded $27 billion in June, increased to $37 billion in July, a 37% increase from the previous month," DeSpread wrote.

Korean traders, after all, are big into altcoins and not so fond of the major tokens, the report said.

"The majority of individual investors on Upbit show strong interest in altcoins with high-profit potential and tend to accept the associated high risks. This is considered one of the reasons for the high proportion of altcoin trading in the Korean market," DeSpread wrote.

(DeSpread Research)

"Cryptocurrencies that dominate the global market, such as Bitcoin (BTC), Ethereum (ETH), and Polygon (MATIC), boast large trading volumes worldwide. However, within Upbit, their trading volume shows surprisingly low levels," the report reads. "This phenomenon indicates that Upbit has unique characteristics compared to the global market and reflects regional disparities in investor preferences and investment strategies."

The preferred networks for transactions are different in South Korea as well, with Tron's network being used for the lion's share of transactions because of the relatively lower transaction fees.

(DeSpread Research)

Ethereum
Comments

All Comments

Recommended for you

  • Saudi Reconnaissance Drone Shot Down in Yemen's Hajjah Province

    According to the Iranian Tasnim News Agency, a Yemeni military source stated that the Yemeni armed forces shot down a Saudi 'ScanEagle' reconnaissance drone over Hajjah Province while it was attempting to enter Yemeni airspace. The source informed the Yemeni official news agency that the drone was hit and downed using 'appropriate weapons'.

  • Iranian Parliament Speaker Mocks: U.S. Economic Pressure on Iran Will Backfire

    Iranian Parliament Speaker Mohammad Baqer Qalibaf shared an image on social media platform X, outlining the economic pressures against Iran and the impact of changes in the energy market on the U.S. economy. Referring to recent measures taken by Trump to control U.S. commodity prices, he wrote: 'Importing frozen meat to control meat prices? Well, maybe effective. But what is the U.S. plan for national debt? Want to import “frozen yields”? For the housing market, are you going to introduce “frozen buyers”? To address wage issues, are you going to issue “frozen payrolls”? A rigid and uninnovative foreign policy will lead to a frozen and stagnant economy. What is the only thing still functioning? It is the boomerang of imposing “devastating economic pressure” on Iran, which will ultimately come back to the U.S. itself.' (Jinshi)

  • US Military Casualties in Iran War Rise to 774

    According to the Washington Post, the casualty statistics system of the U.S. Department of Defense shows that the number of U.S. military casualties in the Iran war has risen to 774, including 18 deaths and 756 injuries. Even during periods without large-scale combat, the Department of Defense has quietly added about 60 new injury records recently. A significant number of the injured were affected by traumatic brain injuries caused by explosions when U.S. bases in Jordan, Kuwait, Iraq, and Saudi Arabia were attacked.

  • US Military Casualties in Iran War Rise to 774

    According to the Washington Post, the casualty statistics system of the U.S. Department of Defense shows that U.S. military casualties in the Iran war have risen to 774, including 18 deaths and 756 injuries. Even during periods without large-scale combat, the Department of Defense has quietly added about 60 new injury records recently. A significant number of the injured were affected by traumatic brain injuries caused by explosions during attacks on U.S. bases located in Jordan, Kuwait, Iraq, and Saudi Arabia.

  • Fed's Kashkari: U.S. Treasury Market is Operating Normally

    On August 23, Federal Reserve's Kashkari downplayed market concerns over rising U.S. Treasury yields, stating that the market is functioning well and that the recent surge is unlikely to impact discussions on monetary policy. Kashkari said on Sunday, "All signs indicate that the U.S. Treasury market is operating normally, trading is proceeding smoothly, and market liquidity is ample, so we can use the federal funds rate as the primary tool to reduce inflation." Last week, yields on U.S. Treasuries across various maturities rose, with the benchmark 10-year Treasury yield closing around 4.73%. The 30-year Treasury yield remained near its highest level since 2007. Kashkari noted that while current Treasury yields are relatively high compared to recent historical levels, they are much lower than those in the 1990s. "We need more data, but I don't want to prejudge the outcome of the next meeting," he said, "However, I do not currently believe that inflation will fall back to target levels in the short term." (Jin Shi)

  • Fed's Kashkari: U.S. Treasury Market Operating Normally

    On August 23, Federal Reserve's Kashkari downplayed market concerns regarding rising U.S. Treasury yields, stating that the market is functioning well and that the recent surge is unlikely to affect discussions on monetary policy. Kashkari said on Sunday, "All signs indicate that the U.S. Treasury market is operating normally, trading is proceeding smoothly, and market liquidity is sufficient, allowing us to use the federal funds rate as the primary tool for reducing inflation." Last week, yields on U.S. Treasuries across various maturities rose, with the benchmark 10-year Treasury yield closing at around 4.73%. The 30-year Treasury yield remained near its highest level since 2007. Kashkari noted that while current Treasury yields are relatively high compared to recent historical levels, they are much lower than those in the 1990s. "We need more data, but I don't want to prejudge the outcome of the next meeting," he said. "However, I do not currently believe inflation will fall back to target levels in the short term." (Jin Shi)

  • Iranian Parliament Approves Service Fees for Vessels Passing Through the Strait of Hormuz

    On August 24, the Iranian Mehr News Agency reported that Hassan Kashkavi, spokesman for the National Security and Foreign Policy Committee of the Iranian Parliament, announced on Sunday that the committee has approved Article 3 of the 'Strategic Action Plan for Ensuring the Security and Development of the Strait of Hormuz.' He stated, 'According to this provision, we will charge fees for maritime services, environmental services, fuel supply in special circumstances, insurance, security, and other services provided.' These fees will be charged to vessels from relevant countries authorized to pass through the Strait of Hormuz, payable in rials or other currencies designated by the Islamic Republic of Iran. He emphasized the importance of respecting the rights of coastal countries of the Strait of Hormuz and stated, 'We must not forget that international laws and regulations not only recognize freedom of navigation but also emphasize the respect for the security and sovereignty of coastal states and prevent violations of these rights.' (Jinshi)

  • Iranian Parliament Approves Service Fees for Vessels Passing Through the Strait of Hormuz

    On August 24, the Iranian Mehr News Agency reported that Hassan Kashkavi, spokesperson for the National Security and Foreign Policy Committee of the Iranian Parliament, announced on Sunday that the committee has approved Article 3 of the 'Strategic Action Plan for Ensuring the Security and Development of the Strait of Hormuz.' He stated, 'According to this article, we will charge fees for maritime services, environmental services, fuel supply in special circumstances, insurance, security, and other services provided.' These fees will be charged to vessels from relevant countries authorized to pass through the Strait of Hormuz, payable in rials or other currencies designated by the Islamic Republic of Iran. He emphasized the importance of respecting the rights of coastal countries of the Strait of Hormuz and stated, 'We must not forget that international laws and regulations, in addition to recognizing the freedom of navigation, also emphasize the respect for the security and sovereignty of coastal states and the prevention of violations of these rights.' (Jinshi)

  • Over $405 Million in Liquidations in the Last 24 Hours, Long Positions Dominate

    In the past 24 hours, the cryptocurrency market experienced a total of $405 million in liquidations across all contracts, with long positions accounting for $246 million and short positions for $159 million.

  • Over $405 Million Liquidated in Crypto Contracts in the Past 24 Hours, Long Positions Dominate

    In the past 24 hours, the cryptocurrency market saw a total liquidation of $405 million in contracts, with long positions accounting for $246 million and short positions for $159 million.

Daily Must-Read

Popular Activities

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

April 30 - April 30
Dubai

Popular Tags

Cointime
News
Contents
RSS
Company