XRP has been among the top performers in the crypto market in the past weeks. At the time of writing, the asset is up 21% in the last 7 days and it is the second most trending cryptocurrency on the leading crypto-tracking platform, Coinmarketcap.
Following the massive surge in the price of the Ripple-backed digital token, XRP has overtaken Bitcoin (BTC) in trading volume on the top 4 crypto exchanges based in South Korea.
Data extracted on Coinmarketcap shows that XRP dominates the market share across UpBit, Bithumb, Coinone, and Korbit, all among the five largest South Korean crypto trading platforms. Particularly, XRP trade volume on these exchanges surpasses Bitcoin trade volume as Korean traders seek to take advantage of XRP’s bullish outlook.
On the Korbit exchange, XRP posts a 24-hour trade volume totaling $2.8 million. With this huge volume, XRP’s market share compared with Korbit’s total 24-hour trade volume is 38.02%.
On the other hand, Bitcoin (BTC) has not been able to record such a huge trade volume. Bitcoin’s market share on Korbit is 36.99%. It bears noting that all volumes are taken from trades against the Korean won (KRW).
A look at trade statistics on South Korea’s third largest exchange Coinone shows a notable disparity between BTC and XRP 24-hour trade volumes.
On Coinone, XRP leads BTC in terms of market share with their 24-hour trading volume at $35.9 million and $16.4 million respectively. Accordingly, XRP accounts for 42.08% of Coinone’s total trade volume in the last 24 hours while BTC’s not up to $15%.
XRP is equally performing nicely on the Bithumb exchange which is the second-largest South Korean-based digital assets trading platform. At the time of writing, the trade volume of XRP on Bithumb stands at $137.9 million.
This represents 34.05% of the exchange’s total trade volume in the last 24 hours which is far above Bitcoin’s market share (17.57%) on the exchange. The trade volume of BTC on Bithumb is only $71.1 million.
Among these four exchanges, XRP’s largest 24-hour trading volume was recorded on Upbit. The 6th largest crypto asset boasts a trading volume of $569.2 million on Upbit in the last 24 hours while BTC records just $188.6 million.
Accordingly, XRP’s market share on South Korea’s largest exchange is 17.03% in the past 24 hours. Bitcoin accounts for only 5.64% of Upbit’s total 24-hour trade volume.
This high interest in XRP comes after veteran investor Peter Brandt shared a bullish outlook on XRP. According to him, $3 is the minimum target for the XRPL native token.