The South Korean government has taken steps to push back the implementation of any new cryptocurrency taxes until 2025. The country has pointed to the current state of the market as one of the reasons for making this decision.
This is a significant development, given that South Korea is one of the most important markets for cryptocurrencies worldwide. The move may cause a price shift in a positive direction throughout the markets if it leads to a rise in the demand for cryptocurrencies in the country.
If there is a sudden uptick in demand for cryptocurrencies in South Korea, the most important question is which cryptocurrencies will benefit the most from this?
Recent surveys conducted by leading cryptocurrency exchanges in South Korea revealed that Bitcoin, XRP, Ethereum, Dogecoin, and Cardano are, in descending order of popularity, the most widely used cryptocurrencies in the country. Because of this, it is quite likely that the aforementioned cryptocurrencies will lead the way in gains if the decision to delay taxes results in a rise in demand.
In addition to the information emanating from Korea, there is a compelling argument for investing in any of these cryptocurrencies. I’ll explain why.
Bitcoin (BTC)
Bitcoin bulls have been successful over the past two weeks in keeping the price of Bitcoin above the $20,000 support level. This suggests that following a downward trend that has persisted for most of the year, Bitcoin’s price may be getting close to reaching a bottom.
Bitcoin’s price may climb again beyond $30,000 within the next few months if certain variables, such as the news from Korea, contribute to its breaking past the resistance level of $25,000. Because of this, purchasing Bitcoin at its current price seems like it would be a decent investment.
XRP (XRP)
The continuing litigation between Ripple and the SEC has been a drag on the price of XRP for some time now. Nevertheless, mounting evidence suggests that the issue might be resolved by the end of the year. XRP may finish the year as one of the top performing cryptocurrencies if the situation resolves in favor of Ripple and the market continues to go upward.
Ethereum (ETH)
It would appear like Ethereum is on the verge of making a strong comeback, following in the footsteps of Bitcoin. Despite this, Ethereum has a lot of good news to report this year, in addition to the broader market dynamics supporting it. One of them is recent information about the update to Ethereum version 2.0.
The transition process, which has been in the works for two years, is almost finished, and it comes with several benefits that have the potential to enhance the price of Ethereum. Developers are drawn to Ethereum due to various improvements, ranging from deflationary tokenomics to improved scalability.
Dogecoin (DOGE)
The fact that the king of meme coins is so well-liked in Korea is a compelling argument in favor of keeping a close check on it throughout the second half of 2022. This is because it reacts favorably to the hype, and if the enthusiasm around it in Korea drives up its price while the general market also goes up, DOGE may see a rally.
Aside from that, Elon Musk is still a big fan of Dogecoin and is still one of the most important persons in the cryptocurrency space.
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Cardano (ADA)
Cardano is expected to benefit from the excitement emanating from Korea, but this just scratches the surface of its possible applications. Cardano is now one of the most advanced and best scaling platform blockchains available on the market.
Concurrently, there has been an uptick in the use of Cardano since the platform presented its smart contract feature in 2021. It is not difficult to understand why Cardano has such a bright future ahead of it when you mix such fundamentals with the possibility of hype.
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