Bitcoin has long been the reigning cryptocurrency for South Korean investors. However, a recent survey reveals a surprising shift in preference: Ripple (XRP) has overtaken Ethereum to become the second-most popular token in the country.
A survey conducted by Korean news outlet News1 from December 24 to December 26, 2024, polled over 5,220 investors about their preferred cryptocurrencies. The results confirmed Bitcoin’s dominant position as the top choice. Despite market fluctuations and competition, Bitcoin continues to command trust and interest among South Korean investors, cementing its status as the gold standard in the crypto world.
Ripple Surges Ahead of Ethereum
Ripple’s rise to second place is notable. Known as the “favourite coin” among many South Korean investors since 2017, XRP’s popularity persists despite challenges, including its high-profile lawsuit with the U.S. Securities and Exchange Commission. In 2024 alone, Ripple’s value skyrocketed by an impressive 400%, further boosting investor confidence.
Ethereum, previously a strong contender, now sits in third place. While Ethereum remains a pivotal player in the cryptocurrency landscape, factors such as rising gas fees and scalability issues may have contributed to its decline in preference among South Korean investors.
A Deep-Rooted Affinity for Ripple
The enduring appeal of Ripple in South Korea stems from its utility and historical performance. XRP’s consistent support among investors highlights the community’s resilience and trust in the token’s long-term potential. Even during turbulent times, Ripple’s fan base in South Korea has remained steadfast, reflecting a unique affinity for the asset in the region.
Economic Concerns Cast a Shadow
While cryptocurrency adoption grows, broader economic concerns loom over South Korea. Ki Young Ju, CEO of analytics platform CryptoQuant, voiced worries about the state of the Korean economy. Ju highlighted the rising value of the Korean Won and diminishing attractiveness of domestic assets as key issues.
Additionally, Ju pointed out a troubling trend: the value of Tether (USDT) on Upbit, one of South Korea’s largest exchanges, has reached parity with the International Monetary Fund’s (IMF) exchange rate. This development could signal potential risks for the nation’s cryptocurrency market and economy.
The Road Ahead for South Korea’s Crypto Market
As Ripple strengthens its position in South Korea, the crypto landscape continues to evolve. While Bitcoin maintains its lead and Ethereum faces challenges, Ripple’s growing popularity underscores the dynamic nature of investor preferences.
For South Korea, balancing crypto enthusiasm with economic stability will be critical. As more investors embrace digital assets, the nation’s policies and market conditions will play a pivotal role in shaping the future of cryptocurrencies in the region.
