South Korean retail traders flocked to “high momentum” tokensTravala Adds Solana Tokens like XRP, DOGE, ENS, and HBAR during Dec. 2 trading.
According to a recent report from 10x Research, the retail trading volumes for crypto assets in South Korea have increased to $18 billion in the past 24 hours, surpassing the country’s entire stock market by 22%.
Retail crypto trading volumes reached their second-highest level of the year on Dec. 2, according to 10x Research founder Markus Thielen in a research report published on Dec. 2.
South Korean traders were in a frenzy over a series of “high momentum” altcoins.
According to the report, Ripple’s XRP token was the most popular cryptocurrency in South Korea on the day, with a volume exceeding $6.3 billion.
Dogecoin was the second most popular cryptocurrency, with a volume of $1.6 billion, and Stellar was the third most popular cryptocurrency, with a volume of $800 million.
“These high-momentum cryptocurrencies are being driven predominantly by retail traders, capitalizing on and reinforcing momentum-driven trends.”
XRP, ENS, and HBAR, among the oldest tokens in the crypto market and referred to by crypto natives as “dino coins,” have all demonstrated significant outperformance compared to the rest of the market.
In the past week, each token has experienced a 90%, 73%, and 168% increase, respectively.
Furthermore, Thielen observed that Bitcoin’s funding rate, which is a measure of perps activity, was “relatively mild” at only 15% annually.
Thielen believes that the recent increase in trading activity for altcoins, when combined with this, is a certain indication that an “alt season” is already well underway.
“We are currently experiencing one of the most significant divergences in the history of Bitcoin, as the annualized funding rate is relatively mild at 15%, while retail trading volumes in South Korea have increased to $18 billion.”
He further stated, “The altcoin market is the focal point of activity, and all individuals must develop a strategy to capitalize on these trends while maintaining a level of discipline.”
As per TradingView data, Ripple’s XRP has been experiencing a historic rally over the past month, rising from $0.50 to a new yearly high of $2.80 on December 2.
The token’s remarkable ascent has resulted in it surpassing both Solana and Tether in terms of market capitalization, rendering it the third-largest crypto asset by total value at the time of publication.