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10x Research: South Korea's Crypto Market Sees Surge in Retail Trading Volume, with Shitcoins Currently Dominating the Market

2024-12-03 09:01

BlockBeats News, December 3rd, according to the latest report released by 10X Research, the trading activity has undergone a significant change since Trump's election. Despite his inauguration being seven weeks away, early appointments have already shown a major shift in the U.S. government towards a crypto-friendly policy. We expect this trend to continue and potentially expand trading opportunities.


Other governments, especially South Korea, are also taking a more crypto-friendly stance. With the U.S. leading the way in shaping crypto regulations (or relaxing regulations), it is expected that the global community will follow this trend, ushering in a widespread crypto-friendly atmosphere. Alpha tokens in smaller crypto projects may continue to grow.


The retail trading volume in the South Korean cryptocurrency market surged to $18 billion in the past 24 hours, marking the second-highest volume this year and surpassing the local stock market's $14 billion in trading volume. Ripple (XRP) ranked first with a volume of $6.3 billion, followed by DOGE ($1.6 billion), XLM ($1.3 billion), ENS ($900 million), HBAR ($800 million), and SHIB ($600 million). These highly volatile cryptocurrencies are mainly driven by retail traders, leveraging and reinforcing momentum-based trends.


Bitcoin's funding rate is relatively moderate, annualizing at 15%, while South Korea's retail trading volume has surged to $18 billion, setting a historic record for the difference between them. Clearly, the current market focus is on altcoins.

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