South Korea's Crypto Assets market welcomes explosive rise

In July, the South Korean virtual asset market experienced a wave of "volume and price rising" explosive market conditions. As of 8 PM on July 24, the 24-hour trading volume of South Korea's largest Crypto Assets exchange exceeded $10.2 billion, with an increase of 94.5%; the 24-hour trading volume of the second largest exchange also surpassed $3.2 billion, with an increase of 61.5%.

Before this wave of frenzy, the underlying liquidity in the market had already begun to accumulate. Data shows that from July 13 to 19, the trading volume of stablecoins on South Korea's five major Crypto Assets exchanges reached 2.226 trillion won (approximately 1.62 billion USD).

The trading enthusiasm of Korean investors began to emerge on July 11. On that day, the price of the XRP token rose from $2.60 to $3.00 within a few hours, with a total net buying pressure of $45 million in the spot market, 70% of which came from the largest exchange in Korea. This rise was almost entirely driven by Korean buying.

XRP is one of the most favored virtual assets among Korean investors, accounting for about 15% of the global trading volume. On July 18, XRP surpassed the $3.6 mark, setting a new high for the past six months. As of July 24, the price of XRP is approximately $3.16, with a 24-hour trading volume of $2.28 billion on the largest exchange in Korea, firmly maintaining its position as the platform's hottest asset.

On July 23, the SAHARA token of Sahara AI experienced a second wave of excitement, with a single-day high rise of 86%. As of 8 PM on July 24, its trading volume in the past 24 hours reached $2.3 billion, with 43.56% of spot trading coming from the largest exchange in South Korea and another 4.33% coming from the second largest exchange.

After the SAHARA token price pulled back, the Newton Protocol's NEWT token surged. As of 8 PM on July 24, NEWT rose over 70% in 24 hours, with a trading volume of 1.78 billion USD, of which 57.07% came from South Korea's largest exchange and 4.99% from the second largest exchange. This fully demonstrates the concentration and explosive power of South Korean crypto retail investors.

In addition to the above tokens, Korean investors have also driven the rise of tokens such as Hyperlane, Babylon, HUMA, LISTA, and MERL.

Against the backdrop of Bitcoin hitting a new historical high, ETH rebounding, and improvements in the regulatory environment, the listing speed of Korean exchanges has also significantly accelerated. According to reports, as of July 21, the top five virtual asset exchanges in Korea have listed a total of 229 Korean won virtual assets, accounting for 85.44% of last year's total. The listing numbers from the two major exchanges this year have already surpassed last year's total, and it is expected that a new high will be reached this year, the highest in nearly five years.

The "coin listing craze" has provided more options for speculative funds and has led to a continuous change in market hotspots. However, the intense influx of funds and rapid rotation also come with significant volatility risks: XRP and SAHARA have both seen short-term pullbacks of over 10%, with a dense concentration of liquidations. If liquidity suddenly reverses, prices will face severe fluctuations.

Analysts warn that when the altcoin craze finally arrives, the behavior of South Korean investors may change dramatically. Against the backdrop of a surge in new capital inflows, South Korean investors' enthusiasm for altcoins often exceeds that of overseas markets. In this environment, the FOMO mentality plays a key role and could pose significant risks to investors.