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.
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