"A new estimate from 10x Research argues that the complex of non- Bitcoin tokens has been starved of capital this cycle, largely because retail investors, especially in South Korea, have turned to crypto-linked equities instead, while Bitcoin boomed on institutional flows. The estimate lands just weeks after a record liquidation wiped out swathes of the altcoin market, amplifying fears that the speculative playground for digital tokens beyond Bitcoin and Ether may never recover."
"Historically, South Korea's crypto traders have shown a proclivity for altcoins, which in the past have accounted for more than 80% of total trading activity on local exchanges. That's a stark contrast to global platforms, where Bitcoin and Ether together make up 50% or more of overall volumes. In 2024, from Nov. 5 through Nov. 28, the daily average trading on Korean crypto exchanges amounted to about $9.4 billion, versus $7 billion for the Kospi, according to data from CCData and Korea Exchange."
An estimate places altcoin market capitalization roughly $800 billion lower because retail investors, especially in South Korea, redirected funds toward crypto-linked equities while Bitcoin attracted institutional flows. Non-Bitcoin tokens have been starved of sufficient new capital this cycle, and a recent record liquidation wiped out large portions of the altcoin market. South Korean traders historically favored altcoins, sometimes accounting for over 80% of local exchange activity, in contrast with global platforms where Bitcoin and Ether account for half or more of volumes. Reported November 2024 trading showed Korean crypto exchanges averaging $9.4 billion daily before volumes collapsed.
Read at Fortune Crypto
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