Following the outcome of the 2024 U.S. presidential election, South Korea’s crypto market has witnessed a remarkable surge, with trading volumes reaching new heights. Since Donald Trump, a known advocate for cryptocurrencies, won the election, South Korea’s largest exchange, Upbit, has seen a massive increase in trading activity. The exchange now accounts for more than 70% of the country’s total crypto trading volume, which has soared to $14.3 billion—a staggering 11-fold jump since November 5.
This surge has been particularly driven by smaller cryptocurrencies like Dogecoin (DOGE), XRP, and Stellar (XLM), which have been seeing significant gains. DOGE has led the charge, with its KRW pair topping the trading charts for 10 consecutive days, while XRP and XLM have also seen substantial growth. DOGE, XRP, and XLM have surged 164%, 188%, and 463%, respectively, in the past month. Despite the gains, these altcoins are still trading below their 2021 highs. Meanwhile, Bitcoin continues to perform well, trading close to the $100,000 mark, maintaining its dominance in the market.
According to Markus Thielen of 10x Research, altcoins such as DOGE, XRP, and XLM have started to eclipse Bitcoin in trading volume, signaling a shift towards more speculative investments. Additionally, metaverse and gaming tokens are seeing renewed interest, with tokens like SAND rising sharply by over 200% this month. Although SAND is still far from its 2021 peak, the recent price rally has captured the attention of many investors looking to capitalize on the next big trend in the crypto market.
