Bitcoin continues to reign as the preferred cryptocurrency among South Korean investors, according to a recent survey. However, Ripple‘s XRP has overtaken Ethereum in popularity, reflecting a significant shift in investor preferences, a study by South Korean news outlet News1 revealed.
The survey, conducted 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. The results showed Bitcoin securing the top spot, followed by XRP in second place, and Ethereum ranking third.
Bitcoin has maintained its dominance in South Korea for an extended period. However, XRP has been a long-time favorite, especially since 2017, the report noted. Despite facing regulatory hurdles, including an ongoing lawsuit with the U.S. Securities and Exchange Commission, XRP has garnered unwavering support. Notably, in 2024, the cryptocurrency saw an impressive 400% price surge, further cementing its position among South Korean investors.
In related commentary, Ki Young Ju, CEO of CryptoQuant, raised concerns about the state of the South Korean economy, specifically critiquing national economic policies. He highlighted the increasing value of the Korean Won and the diminishing appeal of domestic assets as troubling signs. Additionally, Ju pointed out that the value of Tether (USDT) on Upbit, a major South Korean exchange, has surged to match the IMF rate, a development he warned could signal adverse economic implications, particularly for the cryptocurrency market in the region.
The survey underscores the strong presence of digital assets in South Korea, reflecting a growing interest in alternative investments amid the country’s broader economic challenges.
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