South Korea’s four largest cryptocurrency exchanges, Bithumb, Korbit, Upbit and Coinone, show a slowdown in interest in Bitcoin (BTC).
On the other hand, according to various data sources, the majority of the 24-hour volume is altcoins.
With the exception of XRP, which is popular with Asian investors, altcoins with less market value lead the vast majority of the trading volume on these four major exchanges.
Ravencoin (RVN), Near Protocol (NEAR) and New Kind of Network (NKN) are the three most traded cryptocurrencies on Upbit, according to data from crypto research resource Messari.
NKN’s growing volume on South Korean exchanges shows that altcoins are becoming increasingly popular among investors in the country.
NKN, which increased by 1,400 percent between March 8 and April 6, has doubled its value to 83 since the beginning of the year.
CoinMarketCap’s stock market data reveals that XRP is the most traded altcoin on South Korea’s four largest exchanges. As a matter of fact, the 10 most traded cryptocurrencies on these four exchanges are dominated by lesser-market tokens such as MileVerse (MVC) and Chiliz (CHZ).
The transaction volume of CHZ on Upbit, which was less than $ 5 million in January, increased to over $ 730 million as of April. The volume of altcoins, which have a relatively small market value, on South Korean stock exchanges increased by an average of 3 thousand percent.
On the other hand, the volume of BTC in these exchanges decreased by 30-40 percent.