South Korea's top crypto exchanges, Upbit and Bithumb, reported a sharp spike in trading volumes for a group of 15 altcoins over the last 24 hours. The combined turnover on these two platforms hit nearly $348 million, signaling a burst of investor interest in certain digital assets.
MetaDAO (META) emerged as the clear leader, generating $65.84 million in trades on Upbit alone. This accounted for over 12% of the exchange's total spot volume, highlighting META's dominance in the local market during this period. Euler (EUL) followed with $47.65 million in total trades, mostly on Upbit, while XRP, a perennial favorite among South Korean traders, recorded $38.11 million across both exchanges.
Other notable altcoins with significant volumes include ThunderCore (TT) at $35.64 million, Babylon (BABY) with $25.15 million, and Geodnet (GEOD) trading $20.28 million. The list also features popular names like Shiba Inu (SHIB) and Dogecoin (DOGE), which saw $10.55 million and $7.30 million respectively. These figures suggest a renewed appetite for diverse altcoin exposure in a market that often follows global crypto trends closely.
The sudden surge comes amid shifting regulatory and market conditions in South Korea, where a new 22% crypto tax is set to take effect next year. Market participants may be adjusting positions ahead of these changes, as seen in the increased activity. Traders remain cautious but engaged, keeping a close eye on volume spikes that can signal momentum shifts.
XRP volumes alone reached $27.3 million on Upbit and $10.8 million on Bithumb, reflecting persistent demand despite broader market volatility. This aligns with broader trends where XRP's market capitalization continues to grow, as noted in recent reports on its value trajectory.
Market reaction was muted for now, with prices fluctuating slightly but no sharp moves recorded immediately following the volume surge.
This content is for informational purposes and does not constitute financial advice.
