Odaily Frontline｜Report: East Asia is the region most concerned about altcoin transactions

This article comes fromDecrypt, by Shaurya Malwa

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• This article comes from

• , by Shaurya Malwa

• Odaily Translator |

secondary titleSummary:A report claims that East Asian crypto wallets are linked to a wide variety of altcoins.

Both the professional and retail crowd contributed to high transaction volumes compared to Western markets.

Tether is the most widely used stablecoin for capital transfers and transactions, the report said.

According to on-chain analysis company

A report by Chainalysis

, East Asia is the region most concerned about altcoin trading. Data proves that in East Asian markets like South Korea, cryptocurrency trading is a way for young investors to move toward a better life in a tough job market.

Altcoins accounted for 16% of all trading volume in East Asia, a higher percentage than any other region. Among them, the share of Litecoin in the transaction volume in East Asia is 2.9 times the average share in other regions, and the share of Bitcoin Cash transaction volume is 1.2 times that in other regions.

Both professional and retail traders are active in the East Asian cryptocurrency market compared to their Western counterparts, where professionals appear to dominate investment activity. The former also carry higher risks, the report noted.

According to Chainalysis, “Cryptocurrency investors in East Asian markets appear to be speculatively trading in a wider variety of assets than in similar regions such as North America. Professionals in North America tend to focus more on Bitcoin and hold it for longer.”