Even though Bitcoin is mainstream in most crypto markets, the reverse is true in South Korea. From data from four leading crypto exchanges in the country, it is clear that most people are shifting their focus to small altcoins. This is from 24-hour trading activity on Bithumb, Korbit, Upbit, and Coinone. Multiple market aggregators also confirm that as a trend in Hong Kong.
Small altcoins are performing better on the four exchanges and Ripple, which performs well in Asian crypto markets.
From Messari, a crypto research firm, the top three altcoins on Upbit exchange are Ravencoin (RVN), Near Protocol (NEAR), and New Kind of Network (NKN). NKN’s volume has been on the surge in most South Korean exchanges, which indicates that the altcoin is gaining solid ground among crypto traders in the country. Between March 8 and April 6, NKN experienced a 1400% surge, making the token move several steps up.
According to CoinMarketCap’s exchange data, XRP is the most traded altcoin in all exchanges in South Korea. Smaller cap tokens made it to the top ten list, such as MileVerse (MVC) and Chiliz (CHZ). From Upbit’s data, CHZ has grown from under $5 million in January to over $730 million in April. In addition to that, smaller-cap altcoins trading activities in South Korean exchange platforms has grown by about 3000%.
The growth of altcoins is because not everyone believes in the significant cryptos’ massive gains in the market. This has led to a decline in trading activities o altcoins in the Hong Kong markets. The Bitcoin trading volume has dropped by about 40% in the four leading exchanges.
On the other hand, Bitcoin is still in a bullish upward trend, and right not it is on an all-time high of above $62,000. Currently, Bitcoin is trading at an average of $71,000 across the four major exchanges. That means that even though the concentration on altcoins has affected Bitcoin, it has not had a significant effect on Bitcoin performance in the crypto market.