At this level, it may be honestly mentioned that crypto has now made its approach into the mainstream. Bitcoin which used to solely exist on a small a part of the web is now probably the most well-liked funding belongings. Because the years have passed by, different cryptocurrencies moreover bitcoin have made their technique to the forefront. A latest examine encompasses simply how well-liked these altcoins have gotten in locations equivalent to South Korea with its findings.
Ripple Tops Crypto Listing
The study which was carried out by varied main crypto exchanges in South Korea has revealed the cryptocurrencies that residents are largely invested in. This examine printed its findings based mostly on the greenback worth of digital belongings held by locals.
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Bitcoin, evidently, got here out on prime as the most well-liked crypto amongst South Korean traders. These traders had been discovered to carry greater than $5 billion price of bitcoin, a complete of 128,828 BTC. Nonetheless, the shocker right here can be the cryptocurrency that made 2nd place on the checklist. Ripple (XRP) got here a detailed second with locals reportedly holding nearly $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 traders. Ethereum’s competitor Cardano positioned 4th on this checklist with about $1 billion held by traders. Whereas beloved meme coin Dogecoin positioned fifth on the checklist with traders holding roughly $900 million in DOGE alone.
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The examine was aggregated throughout the highest 4 exchanges within the area particularly Bithumb, Coinone, Upbeat, and Korbit. It additionally discovered that traders had traded greater than $7 trillion in cryptocurrencies alone in 2021, that means that crypto actions within the area had been greater 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 traders surpassed what they owned of Apple shares at $5.48 billion however got here out lower than what they held in Tesla shares, which presently sits at a formidable $16.9 billion price of shares.
Featured picture from Monetary TImes, chart from TradingView.com