South Korean Investors Prefer Bitcoin, XRP Surpasses Ethereum in Popularity

According to a recent survey conducted by Korean news outlet News1, Bitcoin remains the favorite cryptocurrency among South Korean investors, while XRP has surpassed Ethereum in popularity.

The survey, which took place from December 24 to 26, 2024, involved over 5,220 investors and focused on the top 10 cryptocurrencies by market cap in South Korea. The results showed that Bitcoin came in first, XRP was second, and Ethereum was third.

A Long-Standing Leader and a Rising Favorite

Bitcoin has long been the leader in the cryptocurrency market, and its popularity in South Korea is no exception. On the other hand, XRP has always been well-liked in South Korea, earning the nickname “favorite coin” among many Korean investors since 2017.

Despite facing challenges, such as a lawsuit with the U.S. Securities and Exchange Commission, XRP has maintained strong support. In 2024, the token experienced a significant 400% price increase, further solidifying its popularity.

Concerns over the Korean Economy

CryptoQuant chief executive Ki Young Ju expressed concerns about the status of the Korean economy, criticizing the nation’s economic policies. He pointed out the rising value of the Korean Won and the unattractiveness of domestic assets.

Ju also noted that the value of Tether’s USDT on Upbit, a major South Korean exchange, had already caught up to the IMF rate, which could be a bad sign for the South Korean economy, particularly in terms of cryptocurrencies.

For investors, it’s essential to stay informed about market trends and economic policies. Here are some key takeaways from the survey:

  • Bitcoin remains the favorite cryptocurrency among South Korean investors.
  • XRP has surpassed Ethereum in popularity.
  • The Korean economy faces concerns, including a rising Korean Won and unattractive domestic assets.

Stay up-to-date with the latest news and trends in the cryptocurrency market on Global Crypto News.

Post Views: 0