Thomas Daniels
According to a recent survey by the Korean news organization News1, Ripple (XRP) is now the second-most popular cryptocurrency in South Korea, surpassing Ethereum (ETH). However, among South Korean investors, Bitcoin (BTC) remains the most popular option.
Over 5,220 investors were asked about their preferred cryptocurrencies in the study, which was carried out between December 24 and December 26, 2024. According to the results, Ethereum came in third place, followed by Ripple and Bitcoin. The top ten cryptocurrencies in South Korea by market capitalization were the subject of the survey.
As the “favorite coin” among Korean investors since 2017, Ripple’s ascent to the second spot highlights its enduring attractiveness in South Korea. Ripple has maintained strong support in spite of major obstacles, including as its legal dispute with the U.S. Securities and Exchange Commission (SEC). Notably, the token’s price increased by 400% in 2024, which increased its appeal even more.
In contrast, Bitcoin has maintained investor confidence over time by continuously holding its position as the most popular cryptocurrency in South Korea.
The South Korean economy faces wider issues even as cryptocurrencies like Bitcoin and Ripple flourish. The rising value of the Korean Won and the waning attraction of domestic assets are two concerning economic indications that Ki Young Ju, CEO of CryptoQuant, brought to light.
Ju also noted that Tether’s (USDT) value on Upbit, a significant cryptocurrency exchange in South Korea, has matched the IMF exchange rate. This could indicate more serious problems for the country’s economy, especially in the cryptocurrency space.
