<ul><li>XRP is the most traded asset in South Korea, leading for 70 days on Upbit.</li><li>Upbit&#39;s market share surged to 85% by May 2021 despite regulatory scrutiny from the FIU.</li><li>Unlike Coinbase, where BTC and ETH dominate, Upbit sees a significant volume in altcoins, including tokens like DOGE, SOL, and MASK.</li></ul>South Korea&#39;s cryptocurrency market is defying global norms, with XRP emerging as the most traded asset, even surpassing Bitcoin. This trend is substantiated by <a href="https://www.coingecko.com/en/exchanges/upbit" rel="noopener noreferrer nofollow">data from Upbit</a>, one of the nation&#39;s largest cryptocurrency exchanges.Upbit is regulated by the <a href="https://cryptotale.org/south-korea-singapore-and-japan-hit-hardest-by-ftx-collapse/" rel="noopener noreferrer nofollow">Korea Financial Intelligence Unit</a> (FIU), an agency that has recently conducted inspections, resulting in fines and calls for operational improvements. Despite this regulatory environment, Upbit&#39;s market share has <a href="https://x.com/CoinMarketCap/status/1714332952954360295?s&#61;20" rel="noopener noreferrer nofollow">surged</a> from below 50% in winter 2020 to 85% by May 2021.Upbit&#39;s data revealed a distinct trading preference among South Korean traders. The XRP-KRW trading pair led for 70 days, followed by BTC-KRW for 64 days. Interestingly, other tokens like Threshold (T), HIVE, and STEEM also made it to the top spot on Upbit on certain days. This year, more than 75 instruments on Upbit recorded over $1 billion in volume, with all but two being altcoins. ETH-KRW ranks as the 9th most traded instrument on Upbit, trailing behind others like DOGE, SOL, and MASK.In contrast, Coinbase, a leading U.S.-based exchange, <a href="https://www.coingecko.com/en/exchanges/coinbase-exchange" rel="noopener noreferrer nofollow">showed</a> a different trading pattern. BTC contributes 36%, and ETH to 22% of the primary trading volumes. Altcoins make up 31%, and stablecoin trading, like USDT-USD, accounts for 10% of the volume. Korean exchanges, notably, have minimal to no trading activity between stablecoins or between stablecoins and fiat currencies.Read full article at<a href="https://cryptotale.org/xrp-takes-the-lead-in-south-koreas-crypto-market-with-upbit/" rel="noopener noreferrer nofollow"> CryptoTale.</a>

XRP Takes the Lead in South Korea's Crypto Market with UpBit

CryptoTale

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