It has been reported that Bitcoin trading activity in South Korea has declined, with the growing interest in smaller altcoins.
South Korea’s “four big” crypto exchanges – Bithumb, Korbit, Upbit and Coinone – are showing a significant cooling in Bitcoin (BTC) enthusiasm.
Altcoin trading is on the rise
Meanwhile, altcoins currently constitute the 24-hour highest trading volume, according to data from multiple market collectors.
In addition to XRP, which is often popular with cryptocurrency traders in Asia, altcoins with smaller market cap lead the volume of trade on major cryptocurrency exchanges.
Data from the crypto research team Messari shows Ravencoin (RVN), Near Protocol (NEAR) and New Kind of Network (NKN) as the three most traded cryptos on the Upbit exchange by volume.
NKN’s increase in volume on South Korean exchanges is an indication that altcoins are starting to gain a foothold among crypto traders in the country.
As previously reported by Cointelegraph, NKN saw an increase of 1,400% between March 8 and April 6, and the token increased 83 times as of the time of writing.
CoinMarketCap’s stock market data shows XRP as the number one altcoin traded on all four major crypto exchanges in South Korea. Indeed, smaller volume tokens such as MileVerse (MVC) and Chiliz (CHZ) also dominate the top 10 trading volume figures on four exchanges.