The South Korean cryptocurrency exchange Upbit has recently gained significant attention for its impressive trading volume of $20.84 billion in 24 hours, with the XRP/KRW pair taking the lead.
Popularity of XRP/KRW
Ripple’s XRP has emerged as a top choice among traders in South Korea. The XRP/KRW pair achieved the highest trading volume on Upbit, reflecting a strong interest in XRP from local investors. This enthusiasm from retail investors significantly boosts XRP’s status in the region.
AUCTION, LOOM, and UXLINK
Following XRP’s dominance, the AUCTION and LOOM altcoins are also experiencing a surge in trading activity. AUCTION, linked to Bounce Finance, became the second most traded cryptocurrency on Upbit, capturing 10.31% of the trading volume. Meanwhile, LOOM, compatible with Ethereum, accounted for 7.42% of the total volume, showcasing renewed investor interest.
Analysis of the Record Trading Volume
The remarkable trading volume at Upbit highlights the growing engagement of South Korean investors in the cryptocurrency market, signaling a vibrant trading environment. This is supported by the South Korean won’s liquidity, enabling robust trading for XRP and altcoins.
The impressive trading volume at Upbit reflects the active participation of South Korean traders in the cryptocurrency market. XRP, AUCTION, and LOOM continue to captivate attention in the region.
