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Korea is quickly becoming a very important trading market for popular cryptocurrencies.
Several exchanges in the region are generating a fair amount of volume over the past few weeks. It looks like certain currencies are more popular compared to others, which is not entirely surprising. Below are the rankings for cryptocurrency trading pairs based on their KRW volume.
Although very few cryptocurrencies are actively traded against the Korean Won right now, Dash is one of them. Unfortunately, it does not appear like this market is all that successful. Bithumb is the only major exchange listing DASH/KRW trading, and it seems there is less than US$1m in volume over the past 24 hours. It is good to see this currency make inroads in Korea, though.
The silver to Bitcoin’s gold is not making too much headway in Korea either right now. That is not surprising, considering very few markets seem to lean toward LTC as of right now. It is unclear why Litecoin has so little trading volume – and associated price gains – these past few weeks, though. Korea will not shake up things according to the current volume, but things may change for the better in the future. The past 24 hours saw just under US$4.5m worth of Korean Won in trading volume.
It is anything but surprising to learn Korean traders favor XRP over Litecoin and Dash. The recent wave of XRP news has attracted a lot of attention. Moreover, a few banks in the country are using the Ripple Consensus ledger for blockchain experiments as of right now. XRP is quite popular in Japan as well, and it looks as if Korean cryptocurrency traders follow those trends quite closely. XRP Generated around US$15.7m in trading volume over the past 24 hours.
The world’s leading cryptocurrency is not leading any trading volume charts across major Korean exchanges as of right now. While the trading volume is quite substantial, it doesn’t even come close to the market leaders. Bitcoin can be traded on all major exchanges, though, yet it seems people are more interested in picking up alternative currencies right now. A very interesting situation to keep an eye on for sure. The Bitcoin trading volume sits at around US$100m over the past 24 hours.
It has to be said, Korean cryptocurrency traders have high hopes for Ethereum as of right now. Demand for Ether is absolutely exploding across all major exchanges, although it is not enough to make Ethereum the most-traded currency. The past 24 hours saw nearly US$200m worth of trading volume in Korean Won. That is absolutely amazing, but there is one currency which is even more successful.
It is quite intriguing to see Ethereum Classic top Ethereum based on KRW trading volume. This is rather surprising to some people, although Ethereum Classic is solidifying its position in the market. It is also the original Ethereum blockchain without the DAO bailout fork, which means a lot to die-hard community members. All major exchanges list Ethereum Classic trading pairs, resulting in over US$220m worth of 24-hour trading volume. The race between ETC and ETH is in full effect in Korea, that much is evident.
Chuck Reynolds
Contributor
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