The South Korean cryptocurrency market accounts for a relatively small percentage of global Bitcoin trades, but has not played a crucial role in bringing RIpple's market capitalization from $ 40 trillion to $ 88 billion. Ripple was one of the best-performing crypto assets of 2017, boasting a 360x increase in value. Exactly one year ago, on January 1, 2017, a single Ripple sold just six-tenths of a cent. Today, a single token is worth $ 2.29.

Ripple's Spectacular Surge in Value

Over the past week, Ripple overtook Ethereum to become the second largest cryptocurrency in the global market, becoming the first "altcoin "To reach a $ 100 billion market valuation.

Many investors, especially Ethereum and Bitcoin holders, were taken aback by Ripple 's sudden surge. Ripple to the formation of strategic partnerships between SBI Ripple Asia and South Korean banks, according to Forbes. However, the first partner of the Ripple Network of the first quarter of 2018. Ripple's incredible surge.

One such skeptic is Ryan Selkis, entrepreneur-in-residence at Ethereum-focused Blockchain production studio ConsenSys said in an interview:

"I know of no banks that are a) using it, or b) would The company is one of the largest companies in the world and is one of the world's leading companies in the world. to ensure that transactions are atomic.The liquidity model is used in the same way as in the banking industry. '

Fact checking

The claim that the Ripple Network is not wholly accurate. Earlier this year, Swedish bank major SEB settled $ 180 million on the Ripple Blockchain network by sending off cross-border payments on behalf of high profile customers. However, it is true that no major banks are using the Ripple Blockchain network on a daily basis to process large volumes of transactions.

South Korea behind surge

Tony Lyu, the founder and CEO of South Korean cryptocurrency exchange Korbit, told the New York Times that the South Korean market is heavily driven by FOMO, or fear of missing out. Lyu said:

"Just Word spreads really fast in Korea. Once people are invested, they want everyone else to join the party.

Over the past week, Bithumb, Coinone, and Korbit have accounted for more than half of the world. Ripple 's $ 4.5 bln daily trading volume.

South Koreans continues to pay a premium for their digital currency. Bithumb, for instance, Ripple is $ 2.54, nearly 24 percent higher than the global average price.

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Caption: Price of Ripple and Other Cryptocurrencies on Bithumb

Speculation and Cryptocurrency in the South Korean Market