S.Korean Investors Prefer Altcoins to Majors
South Koreans are active crypto traders, with local exchanges outperforming global rivals in volume and a strong preference towards altcoins and local tokens, according to a report from DeSpread Research. The number of crypto investors in the country reached about 6 million, or 10% of the population, this year, according to a Korea Financial Intelligence Unit (KoFIU) survey.
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, outpaced market leader Binance by July, partly due to a surge in XRP’s price and trading volume after a favorable ruling in Ripple’s court case against the Securities and Exchange Commission. The trading volume of the four major Korean exchanges increased to $37 billion in July, a 37% increase from the previous month.
Korean traders are big into altcoins and not so fond of major tokens, with the majority of individual investors on Upbit showing strong interest in altcoins with high-profit potential and accepting associated high risks.
(With inputs from Shikha Singh)
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