Research shows Ripple tops Ethereum in South Korea.
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Research shows Ripple tops Ethereum in South Korea.

January 9, 2025No Comments

According to a recent survey, Ripple has overtaken Ethereum as the most popular cryptocurrency among South Korean investors, but Bitcoin is still their top choice.

 

Bitcoin -2.27% Bitcoin btc

The most popular cryptocurrency among South Korean investors is still Bitcoin, but XRP XRP xrp 1.83% XRP has overtaken Ethereum eth -1.08% in popularity, according to a survey by Korean news site News1.

 

Over 5,220 investors were questioned about their top cryptocurrency picks between December 24 and December 26, 2024. The top ten cryptocurrencies in South Korea by market capitalization were included in the poll. According to the results, Ethereum ranked third, XRP second, and Bitcoin first.

For a very long time, Bitcoin has been in the lead. However, according to the source, ripple has long been highly-liked in South Korea as well. Since 2017, several Korean investors have referred to the token as their “favorite coin.” Despite obstacles like as a lawsuit against the U.S. Securities and Exchange Commission, Ripple continued to enjoy tremendous support, as evidenced by its 400% price growth in 2024.

 

Ki Young Ju, the CEO of CryptoQuant, voiced serious concerns about the state of the Korean economy and criticized the country’s economic policies, highlighting the rising value of the Korean Won and the unappealingness of domestic assets in particular.

 

Additionally, Ju noted that Tether’s (USDT) value on Upbit, a significant South Korean exchange, had already surpassed the IMF rate, which could be concerning for the South Korean economy, particularly with regard to cryptocurrencies.

FAQ

Ripple has gained significant popularity in South Korea due to strong investor sentiment and a history of favorable reception since 2017. Despite challenges like the ongoing lawsuit with the U.S. Securities and Exchange Commission, XRP’s 400% price growth in 2024 further cemented its position as a top choice for South Korean investors, surpassing Ethereum.

Yes, Bitcoin remains the most popular cryptocurrency in South Korea, despite Ripple’s rise. According to a survey, Bitcoin continues to lead the pack, with XRP coming in second and Ethereum in third.

The popularity of cryptocurrencies among South Korean investors was measured through a survey conducted by News1, where over 5,220 investors were questioned about their top cryptocurrency picks between December 24 and December 26, 2024. The survey included the top ten cryptocurrencies by market capitalization.

Ripple’s popularity in South Korea reflects investor confidence in cryptocurrencies, even amidst economic concerns. Despite the country’s economic challenges and fluctuating currency values, Ripple’s market presence continues to grow. However, this could signal underlying issues with domestic assets, as noted by industry leaders like Ki Young Ju, CEO of CryptoQuant.

The value of Tether (USDT) on South Korea’s Upbit exchange has surpassed the IMF rate, which could be concerning for the local economy. This development highlights potential risks related to the country’s cryptocurrency market, particularly concerning the value of stablecoins like USDT and its effect on the broader economic landscape.

Last updated on January 9, 2025

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