The four major South Korean cryptocurrency exchanges – Bithumb, Korbit, Upbit and Coinone – show a noticeable lull in Bitcoin (BTC) enthusiasm.
Meanwhile, altcoins represent the highest trading volume in 24 hours, according to several market aggregates.
Apart from XRP, which is often popular with cryptocurrency traders in Asia, cryptocurrencies with smaller market tires are leading in terms of trading volume in the big four.
Data from the Messari Crypto Research Group show that Ravencoin (RVN), Near Protocol (NEAR) and New Kind of Network (NKN) are among the top three cryptocurrency leaders on the Upbit exchange.
The increase in NKN volume on South Korean stock exchanges indicates that an alternative currency hub appears to be gaining ground among the country’s cryptocurrency traders.
As Cointelegraph previously reported, NKN grew by 1400% between March 8 and April 6, with tokens increasing 83 times per write date.
CoinMarketCap exchange data show that XRP is the number 1 digital currency traded on all four major cryptocurrency exchanges in South Korea. In fact, the top 10 in terms of volume at four exchanges are dominated by smaller capitals such as MileVerse (MVC) and Chiliz (CHZ).
Compared to a snapshot of CHZ trading volume on Upbit in January last year, the symbol’s 24-hour social activity increased from less than $ 5 million to over $ 730 million in April. Small cap digital currencies, which dominate trading activity on exchange platforms in South Korea, have grown at an average of 3000%.
This battle for face-melting cryptocurrencies has led to a fall in bitcoin trading on South Korean stock exchanges. The BTC volume fell from 30% to 40% in the big four.
Bitcoin is currently undergoing a new round of positive price movement and reached a new full time of over $ 62,000. BTC trades an average of $ 71,200 in the big four in South Korea, with a kimchi premium of around 13% at the time of writing.