“TRON (TRX) triumphs over Ethereum amidst the altcoin surge, captivating South Korean investors who are fervently embracing the cryptocurrency craze.”
Altcoin season might be just around the corner, according to leading market players, and the Tron (TRX) token is unseating its competitors. Altcoin bulls are preparing for the new month, as they continue to collectively clear weekly and monthly losses. The market has seen a notable switch in positions as altcoins move from the red zone to the green zone.
Assets like Tron (TRX) are unseating their competitors as they take in gains. Holding the position as the 10th most valuable cryptocurrency by market cap, Tron (TRX) has outperformed Toncoin (TON), its closest competitor.
At the time of this report, Tron (TRX) is trading for $0.09508. Although the Toncoin (TON) trades at $2, TRX has surpassed the asset in weekly and monthly gains. The TRX token has increased more than 11% over the last week. TRX bulls have also sustained hourly gains of more than 4%, while TON continues to take a downward trajectory.
Similarly, TRX is attempting to go head-to-head with Ethereum (ETH), another leading altcoin. While Ether’s weekly gains have surpassed that of Tron, Ether is still struggling to sustain momentum in the green zone, as weekly losses pile up.
South Korean investors favor altcoins over Bitcoin
It is worth noting that the current upsurge in altcoins can be traced to fundamental factors. Notably, recent research revealed that South Korean cryptocurrency traders are focusing their attention on altcoins. While the apex cryptocurrency Bitcoin has been the center of attention for most of the year, altcoins are gaining massive adoption at a global scale.
According to a report from DeSpread Research, crypto investors in South Korea increased to 6 million this year. In a Korea Financial Intelligence Unit (KoFIU) survey, the report disclosed that the majority of these investors are mainly engaged in investment activities centered around centralized exchanges. As such, the influence of centralized exchanges in the Korean crypto market has become even more significant.
“Korean exchanges had an explosive reaction to news related to Ripple. The trading volume of the four major Korean exchanges, which recorded $27 billion in June, increased to $37 billion in July, a 37% increase from the previous month,” DeSpread wrote in the report.
On the other hand, as centralized exchanges lose their appeal globally, local exchanges like Upbit record an upsurge in the demand for altcoins.
“The majority of individual investors on Upbit show strong interest in altcoins with high-profit potential and tend to accept the associated high risks. This is considered one of the reasons for the high proportion of altcoin trading in the Korean market.” The report added.
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