CryptoSouth Korean Crypto Traders Shift Focus from Bitcoin to Altcoins

South Korean Crypto Traders Shift Focus from Bitcoin to Altcoins

Crypto traders on South Korean exchanges are increasingly moving away from Bitcoin (BTC) in favor of alternative cryptocurrencies (altcoins), following optimistic forecasts linked to recent U.S. interest rate cuts. According to analytics firm CryptoQuant, the Bitcoin Korea premium index has turned negative, dropping to -0.55—its lowest level since October 2023—indicating that Bitcoin is losing popularity in the region.

Trading volumes on Korean exchanges support this trend, with a notable shift from the Bitcoin-Korean won (BTC/KRW) pair to altcoins like UXLINK, CKB, ARK, and PENDLE. A chart from 10x Research highlights this transition over the past 40 days, showcasing the most traded pairs each day.

Markus Thielen, founder of 10x Research, noted that traders are capitalizing on this momentum, stating, “Quick-moving traders are seizing the opportunity to load up on their favorite altcoins, anticipating a strong Q4 rally.” He emphasized that as Bitcoin approaches the $65,000 mark after surpassing $60,000, savvy traders are also accumulating undervalued altcoins such as TAO, ENA, SEI, APT, SUI, NEAR, and GRT.

Related Topics:

Share This Post

Andrew
Andrew
Self-taught investor with over 5 years of financial trading experience Author of numerous articles for hedge funds with over $5 billion in cumulative AUM and Worked with several global financial institutions. After finding success using his financial acumen to build an investment portfolio, Andrew began writing and editing articles about the cryptocurrency space for sites such as chaincryptocoins.com, ensuring readers were kept up to date on hot topics such as Bitcoin and The latest news on digital currencies and Ethereum.

Related Posts

What is Move in Crypto?

In the fast-paced world of cryptocurrency, terms and concepts...

Why Was Cryptocurrency Invented?

Cryptocurrency, a digital or virtual form of money secured...

Why is GBTC Selling Bitcoin?

Grayscale Bitcoin Trust (GBTC) has been one of the...

Is Ethereum Crypto a Good Investment?

Cryptocurrencies have rapidly become a central topic of discussion...

Why Most Cryptocurrency Projects Fail: A Comprehensive Analysis

Cryptocurrency, as a financial and technological revolution, has made...

Does the World Bank Recognize XRP?

The cryptocurrency space has undergone rapid transformation over the...