Bitcoin trading activity in South Korea has reportedly dipped amid rising interest in smaller altcoins.
South Korea’s “big four” crypto exchanges — Bithumb, Korbit, Upbit and Coinone — are showing a marked cooling off in Bitcoin (BTC) enthusiasm.
Meanwhile, altcoins are now accounting for the highest 24-hour trading volume according to data from multiple market aggregators.
Apart from XRP, which is often popular among crypto traders in Asia, altcoins with smaller market capitalizations are leading the way in terms of trading volume on the big four.
Data from crypto research outfit Messari shows Ravencoin (RVN), NEAR Protocol (NEAR), and New Kind of Network (NKN) as the three top-traded cryptos by volume on the Upbit exchange.
NKN’s volume surge on South Korean exchanges is indicative of the altcoin pivot seemingly gaining a foothold among crypto traders in the country.