South Korea\u2019s \u201cbig four\u201d crypto exchanges \u2014 Bithumb, Korbit, Upbit and Coinone \u2014 are showing a marked cooling off in Bitcoin (BTC) enthusiasm.<\/p>\n
Meanwhile, altcoins are now accounting for the highest 24-hour trading volume according to data from multiple market aggregators.<\/p>\n
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.<\/p>\n
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.<\/p>\n
NKN\u2019s volume surge on South Korean exchanges is indicative of the altcoin pivot seemingly gaining a foothold among crypto traders in the country. <\/p>\n
As previously reported by Cointelegraph, NKN saw a 1,400% surge between March 8 and April 6, with the token up 83-fold year-to-date as of the time of writing.<\/p>\n
CoinMarketCap\u2019s exchange data shows XRP as the number-one traded altcoin across all of the big four crypto exchanges in South Korea. Indeed, the top 10 trading volume figures across the four exchanges are dominated by smaller-cap tokens such as MileVerse (MVC) and Chiliz (CHZ).<\/p>\n
Compared to a snapshot of the CHZ trading volume on Upbit back in January, the social token\u2019s 24-hour activity has grown from under $5 million to over $730 million in April. The smaller-cap altcoins dominating trading activity on South Korean exchange platforms have increased by an average of 3,000%.<\/p>\n
This scramble for altcoins capable of delivering \u201cface-melting\u201d gains has led to a decline in Bitcoin trading volume across South Korean exchanges. BTC volume is down between 30% and40% across the big four.<\/p>\n
Bitcoin is currently experiencing another round of positive price action and has set a new all-time high above $62,000. BTC is trading at an average of $71,200 across the South Korean big four with the Kimchi premium at about 13% as of the time of writing.<\/p>\n