The most traded asset on the South Korean exchange Bithumb is now XRP, the sixth largest cryptocurrency by market capitalization, surpassing Bitcoin.
On Bithumb, one of the biggest cryptocurrency exchanges in South Korea, XRP has eclipsed Bitcoin in terms of trading volume, according to CoinMarketCap.
The XRP/KRW trading pair accounted for 17.85% of all volumes on the Bithumb exchange, totalling $30,818,226, making it the most actively traded asset, surpassing Bitcoin (BTC).
Since XRP isn’t currently undergoing a rise that would generate a sharp increase in trading volume, XRP’s current advantage over Bitcoin in terms of trading volume still matters. Along with the rest of the cryptocurrency market, XRP is declining. BTC dropped 1.16% on the previous day to $30,456.
XRP also fell by 1.94% in the last day to $0.474 and by 4.14% over the previous week.
A cryptocurrency research company called Kaiko looks into why XRP is more dominant and well-liked than Bitcoin on Korean cryptocurrency exchanges.
Beginning in June, Kaiko published a study pointing out the extremely distinctive market structure of the Korean cryptocurrency marketplaces. This is due to the fact that traders favour altcoins over BTC and ETH as the primary assets. XRP is now the most traded alternative coin (altcoin), according to Kaiko.
XRP shows slight bullish sign
Santiment, an on-chain analytics company, noted on June 26 that XRP was exhibiting a small positive indication as a result of moderate trader capitulation. “As the biggest cryptocurrencies are trading in ranges to start the week, XRP is displaying a minor positive signal as a result of slight trader capitulation. According to past experience, coins that move more frequently at a loss than a profit are more likely to appreciate in value, Santiment stated.
The past three times the price of XRP increased, there were increases in the number of active XRP addresses prior to those price increases, according to crypto analyst Ali. Santiment’s on-chain statistics shows that network activity has increased recently. Could the past be repeated?
