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Reasons for the Increased Demand in South Korea
Looking at the current development of Ethereum and the entire Ethereum ecosystem in South Korea, it appears that local investors are shifting from Bitcoin to Ether and other competing coins as a strategy to profit from the explosive growth of these alternative cryptocurrencies.
Cryptocurrencies like Litecoin (LTC) and Ripple (XRP) have also gained substantial support in the local South Korean community.
The substantial rise in Ethereum's price over the past few months, as well as the interest shown by major companies like Sony in the Ethereum network, has led to most people favoring the Ethereum market.
Since January of this year, Ethereum's market capitalization has grown from about $700 million to $9 billion. In just these five months, it has almost increased by a factor of 13. Investors have been looking for alternative cryptocurrencies to invest in besides Bitcoin, and Ethereum's price has coincidentally surged, successfully attracting the attention of most people.
Back when large corporations like Sony with market values in the tens of billions of dollars publicly expressed interest in Ethereum development, this announcement further piqued the interest of local investors in Ethereum.
A member of the Ethereum online community wrote:
I recently attended a seminar on fraud in the gaming industry. When asked about the future direction, Sony's fraud prevention expert specifically mentioned Ethereum. Later, I had a private chat with her, and she seemed to have a good understanding of smart contracts, and Ethereum seems to have caught their attention. Fraud prevention will become part of their research.
The member added:
It might still be too early to start a project. Platform operators are still very resistant to such changes.
While Sony's statement regarding Ethereum was not the main driving force behind the global market price, it has been a significant factor for the South Korean market.
Enterprise Ethereum Alliance (EEA)
EEA has further convinced investors and made them more confident about the value of Ethereum. With corporate groups such as Microsoft and JPMorgan joining EEA, the demand for Ethereum in the South Korean market has significantly increased.
As a result, Ethereum meetups and conferences are becoming increasingly popular in South Korea, and the community has already started discussing the potential of decentralized applications (DApps) and blockchain-based innovations. |
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Post time 1-11-2023 12:04:57
