South Korean cryptocurrency market has pushed the Ripple price up 71 percent over the past 24 hours, triggered by the Ripple blockchain-based payment trial conducted by Japanese and South Korean banks.
Bithumb, Korbit, and Coinone, three of the largest cryptocurrency exchanges in the South Korean cryptocurrency market, currently account for more than 50 percent of global Ripple trades. Over the past 24 hours, the three trading platforms have processed over $1.7 billion worth of trades, surpassing the combined daily trading volume of Bittrex, Poloniex, Bitfinex, Bitstamp, Binance, and Kraken.
In South Korea, investors tend to move rapidly through word of mouth. Once several people are invested, everyone else rushes to invest in that particular asset, as Korbit co-founder and CEO Tony Lyu emphasized several times.
When a leading cryptocurrency like Ripple begins to surge in value within the South Korean market, by 10 to 30 percent, the rest of the investors in the market scramble to invest in it, triggering a short-term surge in the price and daily trading volume.
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