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South Korea’s Crypto Trading Volumes Skyrocket, Surpassing Stock Market Activity

South Korea retail trading volumes for cryptocurrencies surged to an impressive $18 billion within 24 hours, outpacing the nation’s stock market by 22%. According to a December 2 report by 10x Research, this marked the second-highest trading day of the year for crypto in South Korea, driven by retail investors’ interest in high-momentum altcoins. Ripple’s XRP emerged as the star of the day, recording over $6.3 billion in trading volumes. Other prominent tokens included Dogecoin (DOGE) at $1.6 billion, Stellar (XLM) at $1.3 billion, Ethereum Name Service (ENS) at $900 million, and Hedera (HBAR) at $800 million. The report highlights that these volumes reflect retail traders’ propensity to capitalize on short-term momentum, amplifying trends and injecting fresh enthusiasm into the market. Interestingly, these altcoins, often referred to as “dino coins” by crypto enthusiasts, have delivered remarkable returns in recent weeks. XRP has soared by 90%, ENS by 73%, and HBAR by a staggering 168%, outperforming broader market trends. XRP Rally Redefines Market Rankings Ripple’s XRP is at the forefront of South Korea’s crypto frenzy, setting a new yearly high of $2.80 on December 2. This impressive performance has propelled XRP to surpass Solana (SOL) and Tether (USDT) in market capitalization, making it the third-largest cryptocurrency globally. According to TradingView data, XRP’s price has climbed from $0.50 in early November, reflecting an extraordinary rally over just one month. The report’s author, Markus Thielen, attributes the surge to altseason dynamics—a market phase characterized by significant interest and trading activity in alternative cryptocurrencies, overshadowing Bitcoin. Thielen observed that Bitcoin’s funding rate, a metric often linked to perpetual futures activity, was “relatively mild” at 15% annualized, further signaling the shifting focus toward altcoins. “This divergence between subdued Bitcoin activity and skyrocketing altcoin trading volumes underscores the importance of strategic discipline in navigating the altcoin market,” Thielen noted. Market Implications of High Trading Volumes The surge in crypto activity reflects a growing appetite among South Korean retail investors for altcoins, particularly those with high volatility and potential for rapid gains. However, experts caution against over-leveraging during such momentum-driven phases, urging traders to remain cautious. As South Korea continues to lead in retail crypto engagement , the market dynamics are likely to fuel discussions about regulation and innovation within the country’s burgeoning cryptocurrency landscape. For now, the spotlight remains firmly on altcoins, with traders riding the wave of an explosive altseason. The post South Korea’s Crypto Trading Volumes Skyrocket, Surpassing Stock Market Activity appeared first on TheCoinrise.com . Finbold

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These Altcoins Take Center Stage With Massive Gains as BTC Stalls at $95K (Market Watch)

Bitcoin experienced some enhanced volatility yesterday when it was rejected at $97,500 and pushed south hard by three grand in hours before it settled at just over $95,000. In contrast, numerous altcoins have outperformed, charting mindblowing surges, such as ADA, AVAX, TRX, LINK, HBAR, and many others. BTC Stalls at $95K It was just a week ago when the primary cryptocurrency slumped hard and fell below $91,000, which became its most violent correction since the Trump-induced rally started in early November. However, the asset didn’t stay there for long and started to recover ground in the following days. The weekly peak came on Friday as BTC neared $99,000. Nevertheless, the bears managed to defend that level and pushed bitcoin down to approximately $96,500 during the weekend. Monday morning started with a surge to $98,000 but that was short-lived as BTC plunged to $95,000 almost immediately. Another rollercoaster followed suit with bitcoin jumping to $97,500 before it was driven south once again to $94,500. Despite its recovery attempts since then, BTC now trades just inches above $95,000. This decline means that BTC’s market cap has remained below $1.9 trillion, but its dominance over the alts has been pushed south hard. The metric is down to just 52% after peaking at nearly 60% weeks ago, according to CoinGecko. Bitcoin/Price/Chart 3.12.2024. Source: TradingView These Alts Do Good The past few days belonged to XRP and yesterday was no exception as the asset skyrocketed by another 25% at one point and neared $3 for the first time in almost seven years. Although it has retraced since then to $2.6, its market cap of $150 billion still places it as the third-largest cryptocurrency by that metric. Other massive gainers over the past 24 hours include ADA, which has soared by 17%, AVAX (11%), TRX (14%), DOT (16%), LINK (27%), SUI (15%), HBAR (42%), and quite a few others. The total crypto market cap has gained $70 billion since yesterday as it has all gone to the alts. The metric is above $3.6 trillion once again. Cryptocurrency Market Overview. Source: QuantifyCrypto The post These Altcoins Take Center Stage With Massive Gains as BTC Stalls at $95K (Market Watch) appeared first on CryptoPotato . Finbold