XRP Surpasses Bitcoin as Most Traded Asset on Bithumb

XRP Leads Trading Volume on Bithumb

XRP, the sixth largest cryptocurrency by market cap, has overtaken Bitcoin as the most traded asset on the Bithumb exchange in South Korea. Currently, the XRP/KRW trading pair accounts for 17.85% of all trading volumes, totaling over $30 million. This shift in trading volume is notable as it occurs without a significant surge in XRP's price, which aligns with the broader cryptocurrency market trends.

Market Dynamics and Preferences

The dominance of XRP over Bitcoin in trading volume highlights the unique market structure of South Korean exchanges. Traders in these markets tend to favor altcoins over Bitcoin and Ethereum. XRP has emerged as the most traded altcoin year-to-date, reflecting its growing popularity and preference among South Korean traders.

XRP's Market Performance

Despite its trading volume success, XRP's price has mirrored the overall market downturn. In the last 24 hours, XRP's value decreased by 1.94% to $0.474, with a 4.14% decline over the past week. Bitcoin also experienced a drop, decreasing by 1.16% to $30,456. These movements indicate that XRP's trading volume surge is not solely driven by price increases.

Signs of Potential Growth

Recent analyses suggest a slight bullish trend for XRP. On-chain analytics report mild trader capitulation, which historically can lead to price increases. Additionally, a spike in active XRP addresses has been observed, a pattern previously linked to price jumps. This increase in network activity may signal potential growth for XRP in the near future.

Overall, XRP's rise in trading volume on Bithumb reflects its strong presence in South Korean markets, driven by local trading preferences and market dynamics.