Key Points
A recent survey reveals that Bitcoin (BTC) continues to be the most favored cryptocurrency among South Korean investors.
However, XRP (XRP) has now overtaken Ethereum (ETH) in terms of popularity, as per the survey conducted by Korean news platform News1.
Survey Findings
The survey took place from December 24 to December 26, 2024.
Over 5,220 investors were questioned about their preferred cryptocurrencies.
The survey encompassed the top 10 cryptocurrencies by market cap in South Korea.
The findings indicated that Bitcoin was the most popular, followed by XRP and then Ethereum.
Bitcoin has long held the top spot.
Concurrently, Ripple has always enjoyed popularity in South Korea, the report highlighted.
The token has been dubbed the “favorite coin” of many Korean investors since 2017.
Despite facing obstacles such as a lawsuit with the U.S. Securities and Exchange Commission, Ripple retained strong support.
In 2024, Ripple experienced a substantial 400% price surge.
In contrast, Ki Young Ju, CEO of CryptoQuant, voiced serious apprehensions about the Korean economy’s status.
He criticized the nation’s economic policies, especially the rising value of the Korean Won and the lack of appeal of domestic assets.
Ju further noted that the value of Tether’s (USDT) on Upbit, a leading South Korean exchange, had already matched the IMF rate.
This could be a negative indicator for the South Korean economy, particularly in relation to cryptocurrencies.