Major crypto coins have experienced a huge surge in their prices, including Bitcoin (BTC), which has surged over 20% in the past month, nearly doubling its price this year. Other altcoins have been affected by the same movements in major currency prices. Taking the lead is memecoins like Dogecoin and other altcoins like LOOM from the Loom Network that surged ten times in just 8 weeks. 

비트코인(BTC)은 지난 한 달 동안 20% 이상 급등해 올해 가격이 거의 두 배나 올랐습니다. 다른 알트코인도 주요 통화 가격의 동일한 움직임에 영향을 받았습니다. 단 8주 만에 10배나 급등한 Loom Network의 LOOM과 같은 Dogecoin과 같은 밈코인과 기타 알트코인이 선두를 달리고 있습니다.

Other currencies recorded a rise in market price, and these movements can be linked to various events around major currencies or other macroeconomic events. Among these is the awaited spot exchange-traded funds (ETFs) approval for the major currencies, including Bitcoin and Ethereum.

다른 통화들은 시장 가격 상승을 기록했으며, 이러한 움직임은 주요 통화를 둘러싼 다양한 이벤트나 기타 거시경제 이벤트와 연결될 수 있습니다. 그 중에는 비트코인과 이더리움을 포함한 주요 통화에 대한 현물 상장지수펀드(ETF) 승인이 기다리고 있습니다.

 Still, they take the lead, but altcoins have also rode the same wave and recorded a rally in the past 24 hours, and analysts have linked these gains to South Korean traders. 

South Korean traders influence altcoin market price activities 

한국 거래자들이 알트코인 시장 가격 활동에 영향을 미칩니다

The South Korean region has been noted to push an influx of investments, mostly on altcoins that has also displayed a green screen in the crypto market for the past 24 hours. Best performing crypto assets include LOOM and HIFI. The latter spiked by over 6,600% in the month of September alone. 

Regardless, Bitcoin has remained the top dog as its dominance has been felt since September and strongly confirmed in October. 

그럼에도 불구하고 비트코인은 9월부터 지배력이 느껴지고 10월에 강력하게 확인되면서 여전히 1위 자리를 유지하고 있습니다.

The rapid surge in the crypto alternative prices in the past 2 months can be traced to the South Korean investors who have been noted to place high-risk trades that have influenced the entire crypto market. 

지난 2개월 동안 암호화폐 대체 가격이 급등한 것은 전체 암호화폐 시장에 영향을 미치는 고위험 거래를 한 것으로 알려진 한국 투자자들에게서 찾을 수 있습니다.

Their action on price has recently caused speculative frenzies that are associated with the tokens experiencing massive gains. Upbit, a local crypto exchange’s spot trading volume, has doubled since September. 

The analysis was based on on-chain data collected from CryptoQuant, as shared on Friday. Upbit constitutes over 85% of trading volume in Korea. The firm experienced a growth of approximately 82% in October compared to the previous month. This was an increase of $27 billion, from $32.8 billion to $59.8 billion. 

This created a roller coaster effect that possibly created the rising volumes attracting market makers. Traders have taken to place their investment profits in light of continuing to take advantage of the rising market. 

Crypto market enters the weekend effect

Bradley Park, CryptoQuant analyst states that, “For coins that are only listed on Korean exchanges, if there is a significant increase in trading volume, listing futures on them has been popular on overseas exchanges. From an on-chain perspective, market makers are the buying power.”

크립토퀀트(CryptoQuant) 애널리스트 브래들리 박(Bradley Park)은 “국내 거래소에만 상장된 코인의 경우, 거래량이 크게 증가하면 해외 거래소에서는 해당 코인에 대한 선물 상장이 인기를 끌었다. 온체인 관점에서 볼 때 시장 조성자는 구매력입니다.”

Park also added that HIFI’s reserve on the Korean exchange Upbit rose by 27.5%. This was from 62 million tokens to 82.9 million digital tokens. As such, this attests to South Korea playing an influential role in the crypto market, standing in a pivotal position. 

Based on Upbit volume growth, the LOOM market surged by 238% in September and added another 100% at the beginning of October. However, the gains were reversed later in the month’s half. 

업비트 물량 증가를 바탕으로 LOOM 시장은 9월 238% 급증했고, 10월 초에는 100% 추가 성장했다. 그러나 이달 말에는 이익이 반전되었습니다.

Additionally, major parts of the rally in decentralized borrowing and lending platform HIFI initially took place before the launch of perpetual futures tied to the token by Binance. This was in mid-September, and after the launch, the token market price turned lower. 

Amid all this frenzy, Bitcoin has remained at the top while the altcoin activity has surged in the South Korean crypto exchanges. Considering the ratio of Bitcoin’s capitalization and its comparison to the rest of the world, it rose from 49% to 53%.

이러한 광란 속에서도 비트코인은 여전히 ​​선두 자리를 유지하고 있으며, 한국 암호화폐 거래소에서는 알트코인 활동이 급증하고 있습니다. 비트코인의 시가총액 비율과 세계 나머지 국가와의 비교를 고려하면 49%에서 53%로 증가했습니다.