Cryptocurrency trading in South Korea reached $18 billion on December 2, surpassing the country’s stock market activity by 22%, according to data from 10x Research. This surge highlights the growing enthusiasm for digital assets among retail investors, particularly in popular altcoins like Hedera, Dogecoin, Stellar, and XRP.

Stock Market Gains Despite Crypto Dominance

While crypto trading volumes outpaced the stock market, the Kospi Index also saw notable activity. Foreign inflows into the Kospi reached 539.6 billion won ($385 million) on December 2, the highest in three months. This uptick in stock market performance was attributed to improved U.S. economic indicators, such as the ISM manufacturing new orders gauge, which entered expansion territory for the first time in eight months. The renewed optimism boosted South Korea’s export-driven economy and lifted the benchmark index by 1.9%.

Altcoins Lead the Charge

Altcoins played a pivotal role in the cryptocurrency market’s explosive growth. XRP recorded a massive $6.3 billion in trading volume, followed by Dogecoin ($1.6 billion) and Stellar ($1.3 billion). Ethereum Name Service (ENS) and Hedera (HBAR) also saw significant activity. XRP hit a yearly high of $2.80, becoming the third-largest cryptocurrency by market capitalization, surpassing Tether with a 24-hour global trading volume of $42.65 billion.

Altcoin Momentum and Market Trends

Altcoin dominance continues to overshadow Bitcoin. Markus Thielen, CEO of 10x Research, emphasized the growing activity in the altcoin market, noting that Bitcoin funding rates remain steady at 15%. The Altcoin Season Index from CoinMarketCap corroborates this trend, with altcoins capturing 83% of the market’s trading activity. Tokens like Tezos and Enjin Coin demonstrated breakout performance, surging by 96% and 91%, respectively, showcasing lucrative opportunities for traders.

Outlook

South Korea’s vibrant trading environment, coupled with the global appeal of altcoins, positions the country as a significant player in the cryptocurrency landscape. While traditional stock markets remain robust, the burgeoning crypto sector underscores a shift in investor preferences toward digital assets.

DISCLAIMER: This is a news article and does not constitute financial advice.