At this level, it may be honestly mentioned that crypto has now made its means into the mainstream. Bitcoin which used to solely exist on a small a part of the web is now one of the crucial common funding belongings. Because the years have passed by, different cryptocurrencies in addition to bitcoin have made their option to the forefront. A current research encompasses simply how common these altcoins have gotten in locations comparable to South Korea with its findings.
Ripple Tops Crypto Record
The study which was carried out by numerous main crypto exchanges in South Korea has revealed the cryptocurrencies that residents are principally invested in. This research revealed its findings based mostly on the greenback worth of digital belongings held by locals.
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Bitcoin, evidently, got here out on high as the preferred crypto amongst South Korean buyers. These buyers have been discovered to carry greater than $5 billion price of bitcoin, a complete of 128,828 BTC. Nevertheless, the shocker right here can be the cryptocurrency that made 2nd place on the listing. Ripple (XRP) got here an in depth second with locals reportedly holding virtually $4.8 billion price of XRP tokens.
XRP buying and selling at $0.68 | Supply: XRPUSD on TradingView.com
The altcoin had beat out the second-largest digital asset Ethereum by about $300 million at round $4.5 billion price of ETH held by buyers. Ethereum’s competitor Cardano positioned 4th on this listing with about $1 billion held by buyers. Whereas beloved meme coin Dogecoin positioned fifth on the listing with buyers holding roughly $900 million in DOGE alone.
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The research was aggregated throughout the highest 4 exchanges within the area specifically Bithumb, Coinone, Upbeat, and Korbit. It additionally discovered that buyers had traded greater than $7 trillion in cryptocurrencies alone in 2021, that means that crypto actions within the area have been increased in comparison with the Korean inventory market. It additionally surpassed the buying and selling quantity on the junior Kosdaq.
The amount of bitcoin held by South Korean buyers surpassed what they owned of Apple shares at $5.48 billion however got here out lower than what they held in Tesla shares, which at the moment sits at a powerful $16.9 billion price of shares.
Featured picture from Monetary TImes, chart from TradingView.com