XRP overtakes Bitcoin in volume on the top 4 Korean exchanges
XRP dominates the market share in trading volume across South Korea’s four largest exchanges.
XRP trading volume across the top South Korean crypto exchanges has recently seen a massive increase. The asset currently dominates the market share of Korea’s four largest exchanges, comfortably surpassing Bitcoin (BTC). This development underscores renewed demand for XRP, as South Korean traders look to capitalize on their recent rally.
Data from price tracking resource CoinMarketCap indicates that XRP has passed BTC in trading volume dominance on UpBit, Bithumb, Coinone and Korbit, all among South Korea’s top five cryptocurrency exchanges.
UpBit
XRP witnesses a 24-hour trading volume of $569.2 million on UpBit, Korea’s largest exchange. This volume represents 17.03% of UpBit’s trading volume in the last 24 hours. In contrast, Bitcoin sees a 24-hour volume of $188.6 million, which accounts for 5.64% of the total trading volume.
Bithumb
Also, XRP’s trading volume on Bithumb currently stands at $137.9 million at the time of writing, representing 34.05% of the exchange’s total trading volume. On the other hand, Bitcoin’s trading volume is $71.1 million, representing 17.57% market share. Bithumb is South Korea’s second largest exchange.
Coinone
Coinone, the third largest exchange in Korea, also sees a dominance of XRP in its trading volume, as the asset has a volume of $35.9 million, which represents 42.08% of its volume in the last 24 hours. XRP’s trading volume on Coinone is more than double Bitcoin’s volume, which stands at $16.4 million.
Korbit
XRP’s dominance also played into Korbit, Korea’s fifth largest exchange. The asset currently holds 38.02% of Korbit’s total 24-hour trading volume. The volume of the asset is 2.8 million dollars. BTC follows closely behind in market share, with 36.99%. All volumes are taken from trades against the Korean Won (KRW).
XRP’s rally lasts
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Despite a 1.71% decline in the last 24 hours, XRP’s rally is lasting, as the asset has maintained a 22.34% gain over the past week. This positions XRP as the highest gainer among the top 100 assets by market capitalization.
The asset reclaimed the coveted $0.55 zone yesterday for the first time in ten months. It towered over the territory, reaching a high of $0.579 before facing a roadblock. XRP is trading at $0.5412, with a new target to regain the price level of $0.60.
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