6 months ago
DOGE, XRP and XLM are the astir traded cryptocurrencies connected Upbit since Donald Trump's predetermination victory.
The latest enactment points to a pivot toward metaverse tokens.
If you deliberation the Terra/Luna clang of 2022 near lasting scars connected the South Korean crypto community, you are wrong. With the bitcoin (BTC) bull marketplace successful afloat swing, Koreans are again diving successful caput archetypal and snapping up smaller cryptocurrencies.
Trading measurement connected South Korea's largest exchange, Upbit, which accounts for implicit 70% of the country's full activity, has skyrocketed 11-fold to $14.3 cardinal since the Nov. 5 U.S. statesmanlike predetermination that saw pro-crypto campaigner Donald Trump look victorious, according to information root Coingecko.
Driving this exceptional measurement maturation are XRP, dogecoin (DOGE) and different smaller tokens, pointing to a resurgence of retail capitalist mania.
For instance, the DOGE/KRW pair, which represents dogecoin's terms successful South Korean won, has been the astir traded brace connected Upbit for a full of 10 days, according to 10x Research. The XRP/KRW brace has been apical six times and the XLM/KRW brace has been the astir traded brace of the past 24 hours, accounting for 19% of the full measurement Sunday.
The 3 tokens person skyrocketed by 164%, 188% and 463%, respectively, this month, though they stay beneath their respective grounds highs reached successful 2021. Meanwhile, marketplace person bitcoin is trading astatine beingness peaks adjacent $100,000, representing a adjacent 40% terms gain, according to CoinDesk data.
"Since the Nov. 5 Trump election, bitcoin's dominance arsenic the crypto with the highest measurement has been replaced by altcoins, specified arsenic Doge, Ripple, and Stellar (XLM 19% marketplace stock connected UPbit connected Sunday, fig 1 coin traded). Those are the ones with +100% returns, and portion simply monitoring those changes successful enactment would person resulted successful a batch of alpha, arsenic we person often pointed out," Markus Thielen, laminitis of 10x Research, said successful a enactment to clients Monday.
Koreans' emotion for cheaper plays is present extending to different crypto marketplace sectors, including metaverse tokens similar SAND, which are seeing a meaningful rally for the archetypal successful 3 years.
At property time, the SAND/KRW brace listed connected Upbit boasted a 24-hour trading measurement of $2 billion, oregon 14% of the exchange's full trading measurement of $14.10 billion.
The SAND token has rallied implicit 200% to 76 cents this month, yet it remains good beneath its November 2021 highest of $8.49. Traders should support a adjacent oculus connected the surge successful the metaverse and gaming tokens, arsenic the past clip these assets rallied, it marked the highest of the bull marketplace successful precocious 2021.
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