Retail crypto trading volumes in South Korea soared to $18 billion within 24 hours on December 2, surpassing the country’s stock market by 22%, according to a report from 10x Research.
Per the report, published 2 December 2024, this marks the second-highest crypto trading volume in the nation this year, fueled by a surge in activity around high-momentum altcoins.
Ripple’s led the charge with $6.3 billion in trading volume, followed by Dogecoin (DOGE) at $1.6 billion, Stellar (XLM) at $1.3 billion, Ethereum Name Service (ENS) at $900 million, and Hedera (HBAR) at $800 million.
XRP, ENS, And HBAR Outperform Other Cryptos
XRP, ENS, and HBAR—referred to as “dino coins” for their longstanding presence in the market—outperformed other cryptocurrencies. Over the past week, these tokens gained 90%, 73%, and 168%, respectively.
“These high-momentum cryptocurrencies are being driven predominantly by retail traders, capitalizing on and reinforcing momentum-driven trends,” Markus Thielen, founder of 10x Research, wrote.
While altcoin activity surged, Bitcoin’s funding rate, a metric for perpetual futures activity, remained relatively subdued at 15% annualized. Thielen pointed out that this divergence signifies the onset of an “alt season,” where altcoins experience substantial trading and price growth.
“The action is clearly in the altcoin market, and everyone needs a strategy to catch these waves while remaining disciplined,” he added.
Ripple’s XRP has been a standout performer, climbing from $0.50 to a new yearly high of $2.80 on December 2. The rally propelled XRP past Solana (SOL) and Tether (USDT) in market capitalization, making it the third-largest cryptocurrency by total value.
SOUTH KOREA’S BOOMERS LEAD THE WAY FOR BITCOIN
Forget trad banks – South Korea’s pensioners are aping into crypto, flipping the script on what it means to be a degen.
November saw ₩16.17T ($11.5B) in stablecoin trades on exchanges like Upbit and Bithumb – 7x growth since… pic.twitter.com/PGig88Fy1z
— Mario Nawfal’s Roundtable (@RoundtableSpace) December 3, 2024
Notably, crypto exchange volumes surged to a three-year high in November, driven by Donald Trump’s re-election at the start of the month and rising optimism about potential crypto-friendly regulatory changes.
Data from crypto market tracker New Hedge revealed that spot trading volumes reached $2.9 trillion in November, marking the highest level since May 2021.
Furthermore, November was a historic month for Bitcoin exchange-traded funds (ETFs) in the United States, with investors pouring $6.4 billion into spot BTC ETFs.
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South Korea Delays 20% Crypto Tax Again
South Korea has once again postponed the implementation of its 20% tax on cryptocurrency gains, marking the third delay since the tax was first proposed in 2021.
The latest decision, announced earlier this month, will push the tax implementation to 2025, following an agreement between the Democratic Party of Korea (DPK) and the ruling People Power Party (PPP) during budget negotiations.
Initially planned for 1 January 2022, the tax has faced repeated postponements due to regulatory concerns and political debates.
South Korea is home to one of the world’s most active retail cryptocurrency markets, with exchanges like Upbit ranking among the top five global spot exchanges.
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