A recent survey has highlighted a notable shift in the preferences of South Korean investors in the cryptocurrency market. Despite Bitcoin holding the top spot as the most favored crypto, Ripple has emerged as the second most preferred token, surpassing Ethereum.
Conducted by the Korean news outlet News1, the survey took place between December 24 and December 26, 2024, with over 5,220 participants sharing their cryptocurrency choices. This survey focused on the top ten cryptocurrencies by market cap within South Korea. The findings reveal that Bitcoin (BTC) continues to lead the pack, followed closely by Ripple (XRP), which has now taken the second position, pushing Ethereum (ETH) to third place.
Since its rise in 2017, Ripple has held a special place in the hearts of many Korean investors, often referred to as the “favorite coin.” Not even a challenging lawsuit with the U.S. Securities and Exchange Commission could derail its popularity. In fact, Ripple has demonstrated remarkable resilience, with an impressive 400% price increase in 2024 alone.
Additionally, Ki Young Ju, the chief executive of CryptoQuant, has voiced serious concerns regarding the Korean economy. He has critiqued the nation’s economic policies, particularly noting the increased value of the Korean Won and the declining attractiveness of domestic assets. Ju also highlighted that the value of Tether (USDT) on Upbit, a leading South Korean exchange, is now aligned with the IMF rate, raising alarms especially concerning cryptocurrencies.
As the landscape shifts, it’s clear that while Bitcoin remains the favorite, investors in South Korea are increasingly turning to Ripple, illustrating the dynamic nature of the cryptocurrency market.
