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The sixth largest cryptocurrency by market cap, XRP, has eclipsed Bitcoin as the most traded asset on South Korean exchange Bithumb.
According to CoinMarketCap, XRP has outperformed Bitcoin in terms of trading volume on Bithumb, one of South Korea’s largest crypto exchanges.
On the Bithumb exchange, the XRP/KRW trading pair accounted for 17.85% of all volume with a total volume of $30,818,226 and is the most traded asset, surpassing Bitcoin (BTC).
The trading volume that XRP is overtaking against Bitcoin at the moment remains significant as XRP is not experiencing a spike that would result in a massive spike in trading volume. XRP is falling in lockstep with the rest of the cryptocurrency market. In the last 24 hours, BTC fell 1.16% to $30,456.
XRP is also down 1.94% over the past 24 hours to $0.474 and down 4.14% over the past seven days.
Kaiko, a cryptocurrency research firm, is trying to figure out the reason behind XRP’s dominance and popularity on Korean crypto exchanges, outperforming Bitcoin.
In an analysis published in early June, Kaiko noted that the Korean crypto markets have a very unique market structure. This is because traders are favoring altcoins over BTC and ETH as their main assets. Kaiko went on to say that XRP is the most traded altcoin year-to-date (YTD).
XRP is showing slight bullish signs
On June 26, on-chain analytics firm Santiment emphasized that XRP was showing a mild bullish signal due to mild trader capitulation. “While the top crypto assets are oscillating earlier in the week, XRP is showing a mild bullish signal on light trader capitulation. Historically, coins that trade at a greater ratio of loss to gain have a higher chance of appreciating in value,” Santiment wrote.
Crypto analyst Ali reports an increase in active XRP addresses, citing historical precedent in this case: “The last three instances when XRP price increased were preceded by an increase in the number of active XRP addresses. On-chain data from Santiment has seen an increase in network activity over the past few days. Could history repeat itself?”
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