Author: Zen, PANews
In July, the quiet South Korean virtual asset market officially revived, ushering in a "surge in both volume and price." As of 8 PM on July 24, the leading cryptocurrency exchange in South Korea, Upbit, saw its 24-hour trading volume exceed $10.2 billion, an increase of 94.5%; the second-ranked exchange, Bithumb, also experienced a surge, with a 24-hour trading volume surpassing $3.2 billion, up 61.5%.
Before this wave of enthusiasm, liquidity at the market's base had quietly accumulated. According to CryptoQuant data, from July 13 to 19, the trading volume of stablecoins at South Korea's five major cryptocurrency exchanges—Upbit, Bithumb, Coinone, Cobbit, and Gopax—reached 2.226 trillion won (approximately $16.2 billion).
The heightened trading enthusiasm among South Korean investors began to manifest on July 11 when they frantically purchased XRP tokens.
According to data shared by analyst Dom on the social media platform X, the price of the token rose from $2.60 to $3.00 within a few hours that day, with a net buying pressure of $45 million in the spot market for XRP, of which 70% came from Upbit ($32 million), 11% from Coinbase, 9% from Kraken, and 6% from Bitstamp. This surge was almost entirely driven by buying from South Korea.
XRP, which ranks just behind Bitcoin and ETH in total market capitalization, is undoubtedly the favorite virtual asset among South Korean investors, accounting for about 15% of the global trading volume. The token broke through the $3.6 mark on July 18, surpassing the historical high set on January 16 for the first time in six months. As of July 24, the price of XRP was approximately $3.16, with a 24-hour trading volume on Upbit reaching $2.28 billion, firmly holding the top spot as the platform's most popular asset.
On July 23, the SAHARA token of the "AI-native" full-stack blockchain platform Sahara AI sparked a second wave of excitement. According to PANews, SAHARA saw a maximum daily increase of 86%, ranking third in trading volume on Upbit's spot market, accounting for 8.76% of the total platform volume. Today, South Korean investors continued their trading enthusiasm for SAHARA. As of 8 PM on July 24, its trading volume over the past 24 hours reached $2.3 billion, with 43.56% of spot trading coming from Upbit and another 4.33% from Bithumb.
After the SAHARA token broke through $0.16 to reach a historical high, it experienced a pullback, and the NEWT token of the on-chain finance verifiable automation layer Newton Protocol began to take the baton.
NEWT has been driven by South Korean buying pressure even more than SAHARA. As of 8 PM on July 24, the token had risen over 70% in 24 hours, with a trading volume of $1.78 billion, of which 57.07% of spot trading came from Upbit and 4.99% from Bithumb. This demonstrates the concentration and explosive power of South Korean crypto retail investors.
In addition to the aforementioned tokens, South Korean crypto investors, who favor altcoins, have also driven the rise of tokens such as Hyperlane, Babylon, HUMA, LISTA, and MERL.
Moreover, against the backdrop of Bitcoin reaching historical highs, ETH making a comeback, and an increasingly favorable regulatory environment, the pace of new listings on South Korean exchanges has noticeably accelerated.
According to a report by South Korean media outlet Maeil Business Newspaper, as of July 21, the five major virtual asset exchanges in South Korea—Upbit, Bithumb, Coinone, Cobbit, and GoFox—had listed a total of 229 types of won-denominated virtual assets, accounting for 85.44% of the 268 types listed throughout the previous year. Upbit and Bithumb have listed 37 and 84 types of won-denominated virtual assets this year, respectively, surpassing last year's listings (35 and 82 types, respectively). If this trend continues, Upbit and Bithumb are likely to list the most cryptocurrencies in nearly five years.
This "listing frenzy" not only provides more landing spots for speculative funds but also leads to a constant turnover of market hotspots. However, the intense flow of funds and rapid rotation also come with significant volatility risks: XRP and SAHARA have both experienced short-term pullbacks of over 10%, with concentrated contract liquidations. If liquidity suddenly reverses, prices will face severe fluctuations.
CryptoQuant analysts have also warned that as the altcoin craze finally arrives, the behavior of South Korean investors will undergo significant changes. Therefore, in the context of a surge in new capital inflows, the enthusiasm of South Korean investors for altcoins often exceeds that of overseas markets. In this environment, FOMO plays a crucial role in small investments, sometimes posing significant risks to savings.
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