Korean traders are the driving force behind the cryptocurrency market’s trading volume.
South Korea is the driving force of the Altcoin marketplace. Photo: CCN
Asian traders, especially these from South Korea, have played a important purpose in driving digital asset trading volumes in excess of the previous month. CCData information displays that the marketplace share of the country’s main stock exchanges has reached all-around 13%, up sharply from the five.two% recorded earlier this 12 months.
South Korea is the marketplace with the most energetic cryptocurrency trading action in the final month. Source: CCData
According to Kaiko statistics, each day trading volume on Korean stock exchanges has reached a record higher considering the fact that August final 12 months. CryptoQuant evaluation displays that South Korean traders are trading a whole lot of altcoins.
The trading volume of Korean stock exchanges has skyrocketed from October to now. Source: Kaiko
Trading intensity alone on the 4 main platforms Upbit, Bithumb, Coinone and Korbit elevated by much more than $four billion on common in between late October and early November.
Cryptocurrency trading marketplace share correlation between main Korean exchanges. Source: Kaiko
According to Kaiko’s summary, Upbit is presently the dominant exchange in Korea, accounting for 90% of the marketplace share in May final 12 months prior to declining somewhat to 80% in October 2023. Altcoins also contribute 88% of trading action on Upbit.
The remaining twenty% of the marketplace share is pretty much in hand Bitumb, despite the fact that the wait employees has faced numerous difficulties in excess of the previous 12 months. The proprietor of the floor, Mr. Kang Jong-hyun, was contaminated Arrested for tax evasion and embezzlement. Seeking to rebuild its popularity, Bithumb just lately uncovered its intentions IPO on the Kosdaq stock exchange in 2025.
Over the similar time period, the cryptocurrency marketplace has witnessed a sizeable recovery, following the Bitcoin spot ETF craze in the US. Leading coins this kind of as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) have all reached new highs for the 12 months.
South Korea is well known for its sturdy crypto neighborhood and numerous prominent figures this kind of as Do Kwon, the co-founder of the algorithmic stablecoin TerraUSD, which collapsed in May 2022. However, numerous cryptocurrency firms in Korea have considering the fact that struggled to make it. Despite this, South Korea is nevertheless deemed an crucial jurisdiction, specially in light of the cryptocurrency squeeze in the United States.
To management this nascent marketplace, South Korean authorities are actively monitoring the OTC cryptocurrency marketplace to protect against abuse in criminal pursuits. The Criminal Law Academy of the Korean Supreme Procuratorate just lately held a session to deal with the difficulties and challenges relevant to cryptocurrency.
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