There are different types of cryptocurrencies being used in the digital world today to make purchases. Indeed, a few countries have legalized this currency to be traded for things that are purchased. It is the safe and easiest way to make and transfer payments. However, there is a steep decline observed in the usage of cryptocurrency amongst the people of South Korean with the advent of altcoins in the market. Many are turning their heads towards the usage of this currency. The South Korean has four major bitcoin exchanges. These are reputed in the Korean market. There include – Bithumb, Korbit, Coinone and the last one is the Upbit.
The reason for people compelling towards altcoins is that it is offering the highest 24-hour trade volume, which is otherwise not offered by the other cryptocurrencies. This is the data that is gathered according to the other market aggregators. Excluding XRP, which is considered to be the most popular crypto traders in Asia, the big four crypto exchanges in this country are driving towards altcoins. It is allowing tiny market capitalizations for trading. After doing an extensive research on the cryptocurrency, the data discloses that there are three top rated cryptos that are trading huge volumes of altcoins such as Ravencoin (RVN), Near Protocol (NEAR) and New Kind of Network (NKN).These three are listed on the Upbit exchange. The surge in the NKN trade volume in the South Korean trade market clearly indicates that there is a steep rise in the investment made by people on Altcoins. It also indicates that the South Korean market is gaining foothold amongst the other crypto traders globally.
It was reported by Cointelegraph that NKN has seen a rise of about 1400% from March 06, 2021 to April 06, 2021. It rose 83% from year to date. The exchange data that is gathered by Coinmarketcap disclose that XRP is the top traded altcoins in South Korean in all these four exchanges. There are other top 10 trading volumes that are taken over by the smaller cap tokens like Chiliz (CHZ) and MileVerse (MVC). When compared to the CHZ trading volume that was in January on Upbit, the social token 24-hour activity has risen from USD 5 million to USD 730 million in April. The smaller cap altcoins are gaining huge prominence in the South Korean cryptocurrency exchange platform. The rise has been up to 3000%. Sudden increase of the market value of altcoins has led to decline of bitcoin currency trade volume in the South Korean exchanges. The BTC volume has been slumped down from 30 to 40% in all these four different exchanges that are being run in this country.
However, bitcoin is seeing many positive changes in terms of price and has set the all time record of increasing the value to USD 62,000. The trading of bitcoins is happening at the rate of USD 71,200 across South Korean markets. Kimchi’s premium is around 13%. Many traders who are investing in altcoins are seeing a huge rise in its value in a short time.