Coinspeaker XRP Surpasses Ethereum in Popularity among South Korean Investors, Survey Shows
In a survey carried out by Korean news outlet News1, Bitcoin BTC $98 630 24h volatility: 3.1% Market cap: $1.95 T Vol. 24h: $45.91 B continues to dominate the digital asset space holding the top spot as the most preferred coin in South Korea. Additionally, Ripple’s XRP XRP $2.35 24h volatility: 3.9% Market cap: $134.44 B Vol. 24h: $5.18 B has gained more popularity than Ethereum ETH $3 533 24h volatility: 4.6% Market cap: $424.52 B Vol. 24h: $21.38 B , a trend attributed to the strength of the digital asset sector in Korea since 2018.
The local news outlet revealed that from the 24th to the 26th of December, 5,225 crypto investors were asked about their crypto choices. The targeted digital assets include the top ten crypto cryptocurrencies by market capitalization in South Korea. The voting results showed Bitcoin as first, XRP came in second, and Ethereum was third. Moreover, Dogecoin and Bitcoin Cash secured the fourth and fifth positions, respectively.
Bitcoin’s dominance has persisted for an extended period. The introduction of the Bitcoin ETF and the potential rise of crypto-friendly Donald Trump as the next US president could further elevate Bitcoin’s status, positioning it as a safe asset. The report stated:
“In addition, with US President-elect Donald Trump declaring that he will stockpile Bitcoin as a strategic reserve asset, there is a prevailing view that Bitcoin will rise to the status of a ‘safe asset”
XRP has long been popular among South Korean investors, even more so than Ethereum. It has been the favorite coin for many Koreans since late 2017. The report stated that Ripple continued to garner strong support from Korean investors despite challenges such as the lawsuit with the Securities and Exchange Commission.
While Ripple’s market capitalization globally was around 2% in the first half of 2022, it was significantly higher in Korea, where it was surveyed at 12.5%. However, things are beginning to shift for Ripple. The Trump victory and Gary Gensler’s resignation as SEC Chairman have contributed to Ripple’s growth, rising over 400% between early November and December.
Bitcoin Cash Outperforms Solana and Cardano in South Korea amid Economic Criticism
According to the domestic survey, Bitcoin Cash was found to be more popular than Solana and Cardano, which have higher market capitalizations. In fact, these coins were ranked higher than Bitcoin Cash by CoinMarketCap at the end of last year. While Solana ranked 6th and Cardano 9th, Bitcoin Cash was far behind in the 20th position, with a market capitalization significantly lower than both. Despite this, it was more preferred by South Korean investors, ranking 5th, above both Solana and Cardano.
Ki Young Ju, founder and CEO of CryptoQuant, critiques the South Korean government’s economic policies, particularly its handling of the Korean Won (KRW). He believes that the government’s failure to recognize the lack of appeal in domestic assets has led to a sharp rise in the exchange rate. Ju notes that Tether USDT $1.00 24h volatility: 0.2% Market cap: $137.02 B Vol. 24h: $61.40 B traded on Upbit has reached the same value as the IMF exchange rate, signaling a significant outflow of wealth from the country.
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XRP Surpasses Ethereum in Popularity among South Korean Investors, Survey Shows
