- South Korea’s crypto trading volume reached $18 billion, overtaking stock market volumes.
- Analysts confirm an ongoing altseason with mild Bitcoin funding rates and high altcoin momentum.
South Korea’s crypto market witnessed a historic surge, with retail trading volumes surging in the past 24 hours to $18 billion. This activity outpaced the nation’s stock market by 22%, according to a December 2 report by 10x Research.
XRP led the charge with over $6.3 billion in trading volume, marking a 90% weekly gain and a 440% monthly rise. Dogecoin followed with $1.6 billion, while Stellar saw $1.3 billion.
Ethereum Name Service and Hedera rounded out the top five, with $900 million and $800 million in daily trading volumes, respectively. Markus Thielen, founder of 10x Research, attributed this momentum to retail traders driving trends.
The surge signals a clear “altseason.” Thielen highlighted mild Bitcoin funding rates at 15% annualized, contrasting sharply with the robust altcoin trading. He emphasized the need for strategies to capitalize on these trends while maintaining discipline.
Altcoins Take Center Stage
XRP’s historic rally pushed its price to $2.73, its highest since 2017, making it the third-largest crypto asset by market cap. Hedera followed with a 153% weekly gain, driven by Canary Capital’s spot ETF filing, propelling its price to $0.3477. The token now boasts a market cap of $13.28 billion.
Altcoins dominated the South Korean market, reinforcing their growing relevance. Long-term Bitcoin holders decreased their holdings to 12.45 million BTC, the lowest since July 2022. The report noted that South Korean traders are favoring high-momentum altcoins over Bitcoin.
This marks one of the largest divergences between Bitcoin’s funding rates and retail altcoin activity. Retail enthusiasm shows no signs of slowing as traders capitalize on these unprecedented opportunities.
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