- The trading volume of Ripple (XRP) and Shiba Inu (SHIB) on South Korea’s largest exchange, Upbit, has surpassed that of Bitcoin (BTC).
- Ripple and Shiba Inu’s trading volumes have notably exceeded Bitcoin’s activity on the prominent crypto exchange, Upbit.
- Recent Upbit data indicated that on July 18, the XRP/KRW pair recorded a trading volume of $448.5 million, with SHIB/KRW following at $178.5 million, overshadowing BTC/KRW’s $171.4 million.
Discover the recent surge in trading volumes for Ripple and Shiba Inu on Upbit, overshadowing Bitcoin’s activity. Insightful details await.
Ripple and Shiba Inu Surpass Bitcoin in Upbit Trading Volumes
On the leading South Korean exchange, Upbit, the trading volumes of Ripple (XRP) and Shiba Inu (SHIB) have outpaced Bitcoin (BTC). According to Upbit’s data dated July 18, the XRP/KRW trading pair achieved a substantial trading volume of $448.5 million. In comparison, the SHIB/KRW pair registered a trading volume of $178.5 million, significantly overtaking Bitcoin’s BTC/KRW pair which stood at $171.4 million. This development marks a notable shift in trading dynamics on the platform.
Driving Factors Behind the Volume Surge
The surge in trading volumes of Ripple and Shiba Inu can be attributed to several factors. Upbit’s prominence in listing various altcoins has consistently driven high trading volumes. Moreover, Ripple has been a focal point among Upbit users, propelling it to recurrently feature in trading discussions. The anticipation surrounding the nearing conclusion of the legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has reignited interest in XRP. This speculation has evidently spurred trading activities.
Market Impact and Investor Sentiment
The recent trading patterns observed on Upbit reflect broader market sentiments. According to CoinGecko, XRP experienced a 5% decline over the past 24 hours to settle at $0.55, while SHIB saw a 6% decrease to $0.0000174. Despite these short-term declines, the mounting trading volumes underscore a resilient investor interest in both assets. The data illustrates a strategic pivot by traders focusing on altcoins with potential for significant developments, like Ripple, amid ongoing legal proceedings.
Conclusion
The trading volume surge for Ripple and Shiba Inu on Upbit highlights a notable shift in trader preferences within the cryptocurrency market. As Ripple approaches a possible resolution with the SEC, its apparent support from Upbit users becomes increasingly significant. Meanwhile, Shiba Inu’s second-lead against Bitcoin trading volumes showcases robust interest in altcoins. This trend may continue influencing market behaviors, offering new opportunities and risks for traders. Investors are advised to stay vigilant and informed about ongoing market trends and legal updates to navigate this dynamic landscape effectively.
