Bitcoin trading activity in South Korea has reportedly dipped amid rising interest in smaller altcoins.
South Korea’s “big four” crypto exchanges — Bithumb, Korbit, Upbit and Coinone — are showing a marked cooling off in Bitcoin (BTC) enthusiasm.
Meanwhile, altcoins are now accounting for the highest 24-hour trading volume according to data from multiple market aggregators.
NKN’s volume surge on South Korean exchanges is indicative of the altcoin pivot seemingly gaining a foothold among crypto traders in the country.
As previously reported by Cointelegraph, NKN saw a 1,400% surge between March 8 and April 6, with the token up 83-fold year-to-date as of the time of writing.
CoinMarketCap’s exchange data shows XRP as the number-one traded altcoin across all of the big four crypto exchanges in South Korea. Indeed, the top 10 trading volume figures across the four exchanges are dominated by smaller-cap tokens such as MileVerse (MVC) and Chiliz (CHZ).
Compared to a snapshot of the CHZ trading volume on Upbit back in January, the social token’s 24-hour activity has grown from under $5 million to over $730 million in April. The smaller-cap altcoins dominating trading activity on South Korean exchange platforms have increased by an average of 3,000%.
This scramble for altcoins capable of delivering “face-melting” gains has led to a decline in Bitcoin trading volume across South Korean exchanges. BTC volume is down between 30% and40% across the big four.
Bitcoin is currently experiencing another round of positive price action and has set a new all-time high above $62,000. BTC is trading at an average of $71,200 across the South Korean big four with the Kimchi premium at about 13% as of the time of writing.