South Korea's Crypto Trading Smashes Stock Market Records

Retail crypto trading in South Korea reached a staggering $18 billion in the last 24 hours, eclipsing the country’s stock market trading volume by 22%.

This marks the second-highest daily crypto trading volume of the year, driven by surging interest in high-momentum altcoins.

Altcoins Dominate Trading Activity

Ripple’s XRP token led the frenzy, generating over $6.3 billion in trading volume, followed by Dogecoin (DOGE) at $1.6 billion and Stellar (XLM) at $1.3 billion.

Other notable altcoins, including Ethereum Name Service (ENS) and Hedera (HBAR), saw volumes of $900 million and $800 million, respectively.

“These high-momentum cryptocurrencies are being driven predominantly by retail traders, capitalizing on and reinforcing momentum-driven trends,” said Markus Thielen, founder of 10x Research.

The report highlighted the exceptional performance of older tokens, often referred to as "dino coins" by crypto enthusiasts. XRP, ENS, and HBAR have posted weekly gains of 90%, 73%, and 168%, respectively, outpacing much of the broader market.

Signs of an “Altseason”

Thielen also pointed to a relatively mild Bitcoin funding rate of 15% annualized, suggesting subdued leveraged activity for Bitcoin while altcoins take center stage. He identified the current surge in altcoin trading volumes as a clear indication that an “altseason” is underway.

“We are seeing one of the largest divergences recorded between a relatively mild Bitcoin funding rate and skyrocketing retail trading volumes in Korea,” Thielen noted. He advised investors to adopt disciplined strategies to navigate these market waves.

XRP’s Historic Rally

Ripple’s XRP has been a standout performer, climbing from $0.50 to a yearly high of $2.80 in just one month, representing a 436% increase, according to Cointelegraph. This impressive rally has catapulted XRP into the third spot in global cryptocurrency rankings by market capitalization, surpassing both Solana (SOL) and Tether (USDT).

It is also worth noting that South Korean lawmakers have approved a delay in implementing a capital gains tax on digital assets until January 2027. The government initially proposed a two-year delay, while the ruling People Power Party suggested a three-year postponement. However, the Democratic Party opposed both proposals and instead advocated for increased tax exemptions on cryptocurrency profits.