South Korea Sees Surge in Crypto Trading Volumes, Exceeding Stock Market

Cryptocurrency trading volumes in South Korea have reached an all-time high, with a total of $18 billion in trading volume recorded on December 2. This surpasses the country’s stock market volumes by 22%, as reported by 10x Research.

Altcoins Drive Trading Activity

The surge in trading activity is largely attributed to the enthusiasm for veteran tokens such as Hedera (HBAR), Dogecoin (DOGE), Stellar (XLM), and Ripple (XRP). These altcoins have seen significant inflows, with XRP dominating the trading activity with a $6.3 billion inflow, followed by DOGE with $1.6 billion and XLM with $1.3 billion.

Ethereum Name Service (ENS) and HBAR also saw prominent trading activity, indicating that altcoins have been a major contributor to the influx in trading activity. XRP reached its yearly high at $2.80 and has now become the third largest cryptocurrency, surpassing Tether (USDT), after reaching $42.65 billion in global trading volume in the last 24 hours.

Other Notable Altcoin Performances

Tezos and Enjin Coin have surged by 96% and 91%, respectively, as identified by 10x Research’s trading signals. The chart highlights breakout momentum for key altcoins, signaling potential opportunities for traders.

“The action is clearly in the altcoin market.” – Markus Thielen, Founder and CEO of 10x Research

This is further supported by CoinMarketCap’s Altcoin season index, which indicates the dominance of altcoins over Bitcoin, which stands at 83%.

Stock Market Activity

In contrast, South Korea’s stock market also remained active, with its largest inflow of foreign funds in three months. Global funds bought $385 million of Kospi Index shares on Dec. 2, resulting in a 1.9% gain for the benchmark index after two days of declines.

Seo Sang-young, a strategist at Mirae Asset Securities Co., reported that the inflows were driven by improved U.S. economic indicators, which included the ISM manufacturing new orders gauge, which entered the expansion territory for the first time in eight months, bringing investor’s confidence back in the South Korean export-driven economy.

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