Ripple Surpasses Ethereum as #2 Token in South Korea

Survey Results: Bitcoin, Ripple, and Ethereum Popularity in South Korea

The survey, conducted by Korean news outlet News1 from December 24 to December 26, 2024, polled over 5,220 South Korean investors about their top cryptocurrency choices. The survey focused on the top 10 cryptocurrencies by market capitalization in South Korea. Here’s a breakdown of the results:

• Bitcoin (BTC) – Ranked first as the most preferred cryptocurrency.
• Ripple (XRP) – Surpassed Ethereum to take second place.
• Ethereumhttps://ethereum.org/en/ (ETH) – Ranked third, falling behind Ripple in popularity.

Bitcoin, as expected, remains the leader in the South Korean crypto market. However, the rise of Ripple over Ethereum marks an interesting trend in the local cryptocurrency landscape.

Ripple’s Stronghold in South Korea: From 2017 to 2024

Ripple (XRP) has long been a popular token among South Korean investors, often referred to as the “favorite coin” since 2017. Despite facing challenges, including a lawsuit with the U.S. Securities and Exchange Commission (SEC), Ripple has maintained strong support. In fact, the token experienced a massive 400% price increase in 2024, further solidifying its place in the South Korean market.

Ripple’s consistent popularity in South Korea demonstrates its appeal, especially amidst the volatility faced by many cryptocurrencies. The rise of XRP in this recent survey emphasizes how investor sentiment can shift based on performance and market conditions.

Concerns Over South Korea’s Economic Situation

While the cryptocurrency market is thriving, there are growing concerns about the South Korean economy. Ki Young Ju, the CEO of CryptoQuant, expressed his worries regarding the economic policies of the nation. He pointed out several key factors that could impact the local economy, particularly in terms of cryptocurrencies:

• The rising value of the Korean Won, which may negatively affect the attractiveness of domestic assets.
• The increasing value of Tether (USDT) on Upbit, a major South Korean exchange, which has reached levels comparable to the IMF rate. This could signal potential instability in the South Korean economy.

These economic concerns have prompted discussions about the broader implications for South Korea’s financial system, particularly its relationship with cryptocurrencies. The challenges faced by the Korean economy could affect investor behavior, including cryptocurrency market trends.

Conclusion: Shifting Preferences in South Korea’s Crypto Market

The recent survey underscores the continued dominance of Bitcoin in South Korea, but it also highlights the growing popularity of Ripple (XRP), which has now surpassed Ethereum in investor preference. Ripple’s strong historical performance and significant price increase in 2024 further validate its place in the South Korean crypto market.

However, as concerns about the South Korean economy mount, especially regarding the value of the Korean Won and Tether’s standing on local exchanges, investors should remain vigilant. The evolving economic landscape could shape future trends in the cryptocurrency market, influencing how South Korean investors approach digital assets in the coming months.