South Korean crypto trading volumes skyrocket with altcoins taking spotlight Oluwapelumi Adejumo · 1 month ago · 2 minutes checked out
Upbit commands an 80% market share amongst South Korean exchanges as altcoin trading drives the rise.
2 minutes checked out
Upgraded: November 17, 2023 at 7:33 pm
Cover art/illustration through CryptoSlate. Image consists of combined material which might consist of AI-generated material.
Everyday trading volumes on South Korean exchanges have actually struck their acme given that August in 2015, with altcoins controling the deals, according to information from blockchain analytical company Kaiko.
Trading activities on significant South Korean platforms, consisting of Upbit, Bithumb, Coinone, and Korbit, rose to approximately more than $4 billion towards completion of October and the start of November before dropping to more than $3 billion.
South Korean Crypto Exchanges (Source: Kaiko)
Information from CCData, as reported by Bloomberg, likewise supports these upward trading activities on South Korean exchanges. According to the report, crypto trading platforms in the Asian nation saw their market shares increase to around 13% from the 5.2% tape-recorded in January.
Around this duration, the crypto market saw flagship digital properties like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) rally to brand-new annual highs driven by the market optimism surrounding the possible approval of an area exchange-traded fund (ETF) in the United States.
South Korean crypto traders greatly trade altcoins, according to CryptoQuant experts.
Upbit controls
The Kaiko information reiterates Upbit’s South Korean crypto market supremacy, as the exchange accounts for many trading activities.
UpBit Market Dominance. (Source: Kaiko)
Kaiko kept in mind that Upbit’s market supremacy had actually skyrocketed to as high as 90% in May in 2015 before somewhat decreasing to around 80% in October 2023. Altcoins represent 88% of all trading activities on Upbit.
On the other hand, its competitor, Bithumb, manages around 20% of the marketplace. Throughout the previous year, the crypto exchange’s management has actually dealt with numerous obstacles, with its bulk investor, Kang Jong-hyun, being jailed for presumably embezzling approximately $50 million.
This has actually led to its most current efforts to reconstruct public trust by preparing an Initial Public Offering (IPO) for 2025 and eliminating deal charges.
