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- A report discloses that XRP is the leading asset in the portfolio of South Korean young investors.
- Also, South Korean investors who are in their sixties have largely invested in Bitcoin and Ethereum.
Ripple’s XRP remains the number one most sought-after crypto among Korean young investors amid the backdrop of recent legal challenges imposed by the US Securities and Exchange Commission.
According to a domestic crypto exchange Bithumb, investors in their twenties showed a higher interest in altcoins compared to Bitcoin and Ethereum in the first half of 2023. Based on the analyzed data, 82.5 percent of investors invested in altcoins excluding Ethereum.
Looking at the trend, their altcoin selections were largely based on assets with slightly higher volatility than Bitcoin and Ethereum. Interestingly, Ripple’s XRP was the most invested among altcoins. 20.7 percent of the investors selected XRP, which was said to be 3.2 percent higher than those who invested in Bitcoin and Ethereum.
Surprisingly, it was observed that Bitcoin and Ethereum are more popular among investors in their thirties. According to the report, the proportion of investment in Bitcoin and Ethereum among investors in their thirties was 28.2 percent. The next group of people with high investments in Bitcoin and Ethereum are those in their sixties. This group had 23.0 percent of their investments in Bitcoin and Ethereum. Those in their fifties, forties, and twenties had 22.2 percent, 21.7 percent, and 20.7 percent respectively of their investments in Bitcoin and Ethereum.
XRP Trading Volume Higher on South Korean Exchanges
In addition to investors in their twenties, XRP investment was the highest among all other age groups. Investors in their twenties also showed high interest in lesser-known coins including Fellaz (FLZ) and Minds of Dalania.
Fellaz was listed on Bithumb on March 31 and is currently trading at $2.81. Minds of Dalania was also listed on the exchange on January 27.
Kim Dong-hwan, CEO of Wonderframe, a domestic virtual asset expert commented on this:
It seems that they have an investment tendency aimed at short-term profits rather than long-term investments. If you see that (20s) invest in Ripple more than Bitcoin and Ethereum, they are more agile in responding to short-term issues in the market than having a long-term view of the market.
This comes at a point where XRP trading activities have been said to be heavily concentrated on South Korean exchanges. Its trading volumes on Upbit and Bithumb far exceed that of Bitcoin and Ethereum. In April, XRP’s trading volume went past $2 billion, more than that of Bitcoin and Ethereum.
This was its highest since September 2022. It was also reported that its futures open interest had surged to $471 million from $230 million. In addition, there was a sell-side market order imbalance, indicating that whales had largely gotten involved in selling into the price surge.
As of press time, XRP was trading at $0.516388 after falling by 1.67 percent in the last seven days. With a 24-hour trading volume of $774,972,289, the asset was down by 2 percent within that same period.
