In South Korea, XRP overtakes Bitcoin: Understanding local preference

The crypto landscape in South Korea is shaping up differently compared to other major global markets. While in many parts of the world Bitcoin (BTC) and Ethereum (ETH) dominate the scene, in the Asian nation, the currency that is in the spotlight is XRP.

Recent reports reveal that XRP, the digital currency of the XRP Ledger (XRPL), is at the top of South Koreans’ preference list, surpassing giants like Bitcoin and Ethereum. This becomes even more surprising when we note that in many places, such as the United States, the battle for dominance is still mainly between BTC and ETH.

These conclusions arise from studies conducted by Kaiko, which are based on data from Upbit, one of the most renowned cryptocurrency exchanges in South Korea. Upbit not only plays a crucial role in the local market, but is also a global reference in altcoin trading.

So why this marked preference for XRP in South Korea? Although Bitcoin is still the most valuable cryptocurrency in terms of global market value, it appears that South Koreans have found a combination of factors that appeal to them in XRP. Some analysis suggests that this trend could be influenced by a variety of reasons, from XRP-specific characteristics to locally effective marketing strategies. Furthermore, the development of new products and services in the XRP ecosystem may be playing a role in its growing popularity.

However, despite the renewed interest in altcoins and XRP’s leadership in the South Korean market, it is essential to remember that the cryptocurrency landscape is diverse and subject to rapid change. Today, XRP leads in South Korea, but the global panorama still sees Bitcoin as the main reference in the world of digital currencies.

At the time of publication, the price of XRP was listed at US$0.552241, down 0.5% in the last 24 hours.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.