At this point, we can honestly say that cryptography is now mainstream. Bitcoin, which previously existed only on a small part of the Internet, is now one of the most popular investment assets. Over the years, cryptocurrencies other than Bitcoin are at the forefront. Recent studies have shown how popular these altcoins are in places such as South Korea, along with findings.
Ripple Tops Cryptographic List
The study Implemented by various major cryptocurrency exchanges in South Korea revealed the cryptocurrencies that residents are primarily investing in. The study published findings based on the dollar value of digital assets held by locals.
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Obviously, Bitcoin has topped the list as the most popular cryptocurrency among Korean investors. These investors were found to hold over $ 5 billion in Bitcoin, for a total of 128,828 BTC. However, Shocker here is the cryptocurrency that came in second on the list. Ripple (XRP) came in second, with locals reportedly holding nearly $ 4.8 billion worth of XRP tokens.
XRP trading at $0.68 | Source: XRPUSD on TradingView.com
Altcoin has about $ 4.5 billion worth of ETH in investors, about $ 300 million more than Ethereum, the second largest digital asset. Ethereum’s rival Cardano was ranked fourth on the list for about $ 1 billion in investor holdings. The beloved memecoin, Dogecoin, is ranked 5th on the list, with investors holding about $ 900 million in DOGE alone.
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The survey was aggregated across the region’s top four exchanges: Bithumb, Coinone, Upbeat, and Korbit. We also found that investors were trading over $ 7 trillion in cryptocurrencies alone in 2021. This means that crypto activity in the region was high compared to the Korean stock market. It also exceeded the transaction volume of Junior KOSDAQ.
The amount of Bitcoin held by Korean investors has exceeded $ 5.48 billion owned by Apple’s stock, but less than the stock of Tesla, which currently holds $ 16.9 billion worth of stock.
Featured image from Financial TImes, chart from TradingView.com