XRP and DOGE Drive South Korea’s Crypto Trading Volumes to New Highs, Surpassing Stock Market Transactions

South Korea's Crypto Trading Surges to $18 Billion Record

South Korea's retail cryptocurrency trading volume has reached an unprecedented $18 billion in 24 hours, propelled by substantial trading activity in altcoins such as XRP and Dogecoin (DOGE).

XRP's Meteoric Rise

Ripple's XRP, experiencing exceptionally high trading volumes, has soared to become the third-largest cryptocurrency by market capitalization, surpassing Solana and Tether. This surge has positioned XRP approximately 21% below its all-time high reached in January 2018.

Altcoin Dominance

South Korea has witnessed a remarkable shift, with cryptocurrency trading volumes overshadowing those of the stock market. This spike was primarily driven by a surge in several prominent altcoins, including XRP, DOGE, Stellar (XLM), Ethereum Name Service (ENS), and Hedera (HBAR).

Retail Trader Influence

Markus Thielen, founder of 10x Research, attributes this trend to retail traders exploiting momentum-driven trends in the cryptocurrency markets. He advises traders to exercise discipline to harness the potential of these high-momentum altcoins.

Global Policy Shifts

Global policy shifts towards more crypto-friendly regulations have also played a role in shaping trading behaviors. The election of President Trump in the United States has been linked to favorable conditions for cryptocurrencies, boosting the performance of XRP and other digital assets.

Conclusion

The surge in cryptocurrency trading volumes in South Korea and other nations adopting supportive measures for digital assets indicates a growing acceptance and potential for global market expansion. Experts anticipate continued growth in the cryptocurrency market, offering opportunities for traders and investors worldwide.