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According to a report by on-chain data firm CryptoQuant, some of the rapid rise in prices of altcoins over the past few months is attributed to South Korean investors, known for their high risk-taking behavior that often triggers speculative frenzies in the tokens.
<h2 id="according-to-cryptoquant-the-latest-rise-is-due-to-south-korean-investors">According to CryptoQuant, the Latest Rise is Due to South Korean Investors</h2>
Notable risers include Loom Network's LOOM, whose price increased nearly tenfold in two months, and HIFI, whose prices increased by 6,600% in September alone.
Spot volumes on local exchange Upbit have nearly doubled since September, accounting for more than 85% of Upbit Korea trading volume.
Upbit experienced 82% growth in October compared to September, with trading volume rising from $32.8 billion to $59.8 billion.
This likely created a flywheel effect as rising volumes attracted market makers and investors, who then invested profits to continue buying in a rising market.
Related News: <a href="https://en.bitcoinsistemi.com/bank-for-international-settlements-released-stablecoin-report/" target="_blank" rel="noopener noreferrer nofollow">Bank for International Settlements Released Stablecoin Report!</a>
CryptoQuant's analyst Bradley Park said the following on the subject:
“For coins listed only on Korean exchanges, it has been popular on exchanges abroad to list futures for these coins if there is a significant increase in trading volume.
Park added that HIFI's reserves on Upbit increased by 27.5%, from 62 million tokens to 82.9 million tokens. This is a sign that South Korea is playing an important role in altcoin rallies, Park said in his statement.
*This is not investment advice.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/on-chain-company-cryptoquant-explained-the-reason-for-the-latest-rise-in-crypto/" rel="noopener noreferrer nofollow">On-Chain Company CryptoQuant Explained the Reason for the Latest Rise in Crypto!</a>

On-Chain Company CryptoQuant Explained the Reason for the Latest Rise in Crypto!

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