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HomeCrypto NewsMarketSouth Korea Embraces XRP, Making It Second Most Held Asset on Bithumb

South Korea Embraces XRP, Making It Second Most Held Asset on Bithumb


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XRP is now the second most widely held cryptocurrency among users on the prominent Korean exchange Bithumb, only behind Bitcoin (BTC).

Bulmat, a data analyst at South Korean-based consulting firm DeSpread, disclosed the metric with a spreadsheet shared on X. Data from the spreadsheet shows that Bitcoin is the most widely held crypto asset, with up to 1.45 million Bithumb users holding the token.

Meanwhile, XRP is a close second, boasting a whopping 1.38 million holders from Bithumb. Interestingly, this indicates that Bitcoin only has 70,000 more holders than XRP, which has continued to command massive daily trade volumes on Korean exchanges such as Bithumb.

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XRP towers over other rival assets, including Ethereum (ETH), the second-largest cryptocurrency by market cap. Despite recently pushing above the $3,000 mark on the latest market resurgence, Ethereum does not have up to 1 million holders on Bithumb.

Data reveals that the number of Bithumb users holding ETH currently stands at 742,000, making ETH the third most widely held token. Other notable assets among the top 15 coins include Bitcoin Cash (BCH), with 506,000 holders; Tron (TRX), boasting 439,000 holders; and Cardano (ADA), which commands 198,000 holders.

Bithumb Top 15 Assets by Holders DeSpread
Bithumb Top 15 Assets by Holders | DeSpread

Bithumb remains the second-largest crypto exchange in Korea by trade volume, trailing only Upbit. The interest in XRP among its users reflects the impressive demand from the broader South Korean investor community. Per Kaiko, Bithumb recently saw its dominance spike to an ATH of 72% amid an influx of users.

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However, despite being the second most widely held asset, XRP is only seventh among the tokens with the largest trade volume on Bithumb over the past 24 hours. The asset currently sees a volume of $43.2 million, representing 3.54% of all volume on the exchange. 

XRP Seventh Largest Trade Volume on Bithumb
Bithumb Top 10 Assets by Volume | CoinMarketCap

XRP a Favorite Among Koreans

XRP’s ability to command up to 1.38 million holders on Bithumb underscores the increasing interest in the token, especially among South Korean investors, who have recently shown a particular affinity for the crypto asset. 

Last August, a study found that XRP was the preferred asset among South Korean investors in their 20s, with most youths opting for the token over BTC and ETH. Moreover, Kaiko revealed in April 2023 that XRP was the top-traded altcoin in Korea, commanding over three times the volume of its closest rival. 

As The Crypto Basic reported, XRP also surpassed Bitcoin in trade volume on Korea’s top exchanges last March. Interestingly, a Messari report from three years ago showed that the interest in XRP is not a recent development, as Korean investors showed a preference for XRP over ETH in 2021. 

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Sam Wisdom Raphael
Sam Wisdom Raphael
Sam Wisdom Raphael is a seasoned crypto news writer and journalist with 5 years of experience covering blockchain, DeFi, and crypto developments. Sam's active presence in the crypto community complements his deep understanding of the crypto space, allowing him to craft comprehensible price analysis reports and tackle technical blockchain concepts.

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