A recent survey has revealed that while Bitcoin continues to dominate as the top cryptocurrency among South Korean investors, Ripple (XRP) has now surpassed Ethereum (ETH) in popularity.
According to the survey conducted by South Korean news outlet News1 from December 24 to December 26, 2024, over 5,220 investors were asked to rank their preferred cryptocurrencies. The results showed that Bitcoin remained the most popular choice, followed by XRP in second place, while Ethereum ranked third among the top 10 cryptocurrencies by market capitalization in South Korea.
Bitcoin has long been the leader in the South Korean crypto market, maintaining its dominance as the preferred digital asset. However, Ripple’s ascent to second place is noteworthy, especially given its established fanbase in the country. Ripple has been a favorite among South Korean investors since 2017, and despite facing significant hurdles—including its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC)—it has maintained strong support. In fact, Ripple’s price surged by 400% in 2024, reflecting continued investor confidence.
The report also highlights that Ripple’s popularity has persisted through turbulent times, indicating its resilience in the South Korean market. While Ethereum has traditionally been a close contender, it has now slipped behind XRP in investor preference.
In related news, Ki Young Ju, CEO of the blockchain analytics firm CryptoQuant, expressed concern over the state of the South Korean economy, criticizing recent economic policies. Ju specifically pointed out the rising value of the Korean Won and the growing lack of appeal of domestic assets. Additionally, Ju highlighted that the value of Tether (USDT) on Upbit, a major South Korean exchange, had reached parity with the IMF rate, a development he views as troubling for the nation’s financial outlook, especially in the context of cryptocurrencies.
Despite these economic concerns, Ripple’s strong performance in the local crypto market stands as a significant trend, suggesting that South Korean investors continue to seek opportunities in digital assets, particularly XRP.
