Ripple overtakes Ethereum as second-most preferred token in South Korea: report

A recent survey shows that Bitcoin remains the most preferred cryptocurrency among South Korean investors, but Ripple has overtaken Ethereum in terms of popularity.

Bitcoin (BTC) remains the favorite cryptocurrency among South Korean investors, while XRP (XRP) has overtaken Ethereum (ETH) in terms of popularity, according to a survey conducted by Korean news outlet News1.

More than 5,220 investors were asked about their top crypto picks between December 24 and December 26, 2024. The survey included the top 10 cryptocurrencies by market cap in South Korea. The results showed that Bitcoin came first, XRP came second, and Ethereum came third.

Bitcoin has been a leader for a long time. On the other hand, the report states that Ripple has always been popular in South Korea. The token has been known as the “favorite coin” for many Korean investors since 2017. Even when Ripple faced challenges such as a lawsuit filed with the US Securities and Exchange Commission, it still maintained strong support as Ripple saw a massive 400% price increase in 2024. increase

Meanwhile, CryptoQuant general manager Ki Young Ju expressed serious concerns about the state of the Korean economy, criticizing the country’s economic policies, particularly noting the rising value of the Korean Won and the attractiveness of local assets.

Ju also noted that the value of Tether (USDT) on Upbit, one of South Korea’s major exchanges, has already caught up with the IMF rate, which could be a bad sign for the South Korean economy, especially in terms of cryptocurrencies.