A recent survey indicates that Bitcoin remains the preferred cryptocurrency among South Korean investors, with Ripple (XRP) overtaking Ethereum (ETH) in popularity.
Bitcoin's Dominance in Korea
Bitcoin continues to lead among cryptocurrencies in South Korea. A survey conducted by News1 revealed that out of over 5,220 investors surveyed from December 24 to 26, 2024, the majority favored Bitcoin.
Ripple's Popularity Among Investors
Ripple has been popular in South Korea for a long time. The XRP token became the second most popular cryptocurrency, surpassing Ethereum, which came in third. Despite challenges such as a lawsuit with the U.S. Securities and Exchange Commission, Ripple has remained a favorite coin for many Korean investors since 2017, achieving a 400% price increase in 2024.
Economic Situation in South Korea
CryptoQuant CEO Ki Young Ju expressed grave concerns about South Korea's economic status, critiquing the nation's economic policies. He highlighted the rising value of the Korean Won and the unattractiveness of domestic assets. Particularly, he noted that Tether's rate on the Upbit exchange matched the IMF rate, which could be a negative sign for South Korea's economy and the cryptocurrency market.
Bitcoin remains the most popular cryptocurrency in South Korea, although Ripple's growing popularity indicates shifting investor preferences. However, concerns about the country's economic situation persist among economists and experts.
