South Korea’s four major cryptocurrency exchanges – Bithumb, Korbit, Upbit and Coinone – are showing a notable cooling in their exposure to bitcoin (BTC).
At the same time, altcoins represent the highest 24-hour trading volume, according to several market aggregators.
Apart from XRP, which is often popular among crypto traders in Asia, altcoins with a smaller market capitalization lead the big four in terms of trading volume.
Messari’s crypto research data shows that Ravencoin (RVN), NEAR Protocol (NEAR), and New Kind of Network (NKN) are the top three crypto currencies by volume on the Upbit exchange.
The rise in NKN volume on South Korean exchanges shows that the altcoin craze seems to be catching on with the country’s crypto traders.
As previously reported in Cointelegraph, I saw a spike of 1400% between the 8th. of March and the 6th of April, 83 times more than last year at the time of writing.
CoinMarketCap’s exchange data shows that XRP is the top altcoin traded on the four major cryptocurrency exchanges in South Korea. In fact, the top 10 trading volume indicators on all four exchanges are dominated by lower-value tokens such as Mileverse (MVC) and Chilliz (CHZ).
Compared to a snapshot of CHZ trading volume on Upbit in January, 24-hour social token activity has grown from less than $5 million to more than $730 million in April. Small-cap altcoins, which dominate in South Korea, rose an average of 3,000%.
This rush to altcoins that can provide melting income has led to a drop in bitcoin trading volume on South Korean exchanges. BTC volumes fell by 30-40% in the four main countries.
Bitcoin is currently experiencing another round of positive price action and has set a new all-time high above $62,000. South Korea’s Big Four trade BTC at an average price of $71,200, and Kimchi’s premium was about 13% at the time of writing.
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