Orhan 
South Korea is entering a groundbreaking era in cryptocurrency trading, capturing global attention. As of December 2, the country’s crypto investors have generated a total trading volume of $18 billion. This volume surpassed South Korea’s exchange daily volume by approximately 22%, marking the second-highest level of the year.
This impressive surge is supported by strong interest in high-momentum altcoins like XRP, Dogecoin (DOGE), Ethereum Name Service (ENS), and Hedera (HBAR).
South Korea’s Impact on Altcoins
According to 10x Research, Ripple (XRP) took the lead in South Korea’s market with over $6.3 billion in daily trading volume. Dogecoin followed in second with $1.6 billion, Stellar (XLM) at $1.3 billion, Ethereum Name Service (ENS) with $900 million, and Hedera (HBAR) recording $800 million.
Considering that these altcoins have seen price increases of 90%, 73%, and 168% respectively in the past week, it is evident how retail investor interest is boosting the market. These so-called “dino coins,” or older altcoins, are outpacing the rest of the market with strong performances.
The Effect of South Korea’s Trading Volume
Bitcoin funding rates remain around 15% annually, while the sudden surge in altcoin trading volumes has strengthened the belief that “altcoin season” has begun. Markus Thielen, founder of 10x Research, pointed out that the volume shift in the South Korean market could open up more opportunities in altcoin trading. He stated, “Retail investors capitalizing on the momentum are driving price volatility and pushing market trends.”
Is South Korea the Only Factor Influencing XRP?
Ripple (XRP) reached a year-high of $2.80 as of December 2, surpassing Solana and USDT in market value, securing third place. This impressive rise for XRP has been a steady climb from around $0.50 in the past month, as noted by TradingView data.
South Korea’s Crypto Climate
The performance of South Korea’s crypto market underscores the country’s growing influence on global trends. The ongoing “altcoin season” debate is being bolstered by activity in South Korea. XRP and other altcoins’ extraordinary price increases signal that the market momentum could continue.
Markus Thielen emphasized the need for a strategic and disciplined approach in response to these market fluctuations. “The volatility in crypto trading represents both risk and opportunity for investors. Therefore, having a clear strategy is crucial for riding these waves,” he added.
This surge in trading volume initiated by retail investors once again demonstrates how quickly dynamics in the crypto market can shift. While the start of the altcoin season remains a topic of discussion, South Korea’s impact on the market is becoming increasingly apparent.
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