XRP leading the Thai market for 9 consecutive months

According to the latest digital asset market report from the Securities and Exchange Commission of Thailand (SEC), XRP has generated the highest returns among major assets in the country, with an impressive increase of 390% compared to the same period last year in August.

This is also the ninth consecutive month that this token has topped the SEC performance ranking, surpassing gold, stocks, and other standard assets. Bitcoin and Ethereum also made it into the top three best-performing assets in August, with Ethereum pushing gold out of this position.

The cryptocurrency market in Thailand continues to expand. The monthly trading volume increased by 2.05%, reaching 299.4 billion baht (approximately 8.2 billion USD), while the number of active accounts rose by 8.44% to 230,000. Retail investors account for the largest trading share at 42%.

Although increasingly accepted, cryptocurrencies are still banned as a means of payment in Thailand. However, in the context of more than 3 million citizens recently having their bank accounts frozen in a nationwide crackdown on "ghost accounts", some social media users suggest that cryptocurrencies could be an alternative to hold assets.