South Korea’s Crypto Trading Volumes Reach All-Time High in 2024

South Korea’s crypto trading volumes have reached an all-time high in 2024, with Upbit and Bithumb emerging as dominant players in the local market. Despite the notable premium on South Korea’s crypto assets, the most popular traded coins in the region differ from those found on global platforms like Binance and Coinbase. Ethereum classic (ETC) stands out as the top coin on Upbit, enjoying immense popularity in South Korea. Additionally, South Korea’s digital currency trading market has seen remarkable growth in the past six months, showcasing the country’s increasing interest and adoption of cryptocurrencies.

South Korea’s Crypto Trading Volumes Reach All-Time High in 2024

South Korea’s crypto trading activity has experienced a significant upswing in the last 100 days, with the country’s leading crypto exchanges, Upbit and Bithumb, recording their highest trading volumes in the initial week of January 2024. Despite the noticeable premium on South Korea’s crypto assets, the most popular traded coins in this region differ from the leading pairs found on global platforms such as Binance and Coinbase.

Unique Top Tokens Define South Korea’s Crypto Scene

As of January 15, 2024, the leading five cryptocurrencies on Binance, based on trading volume, are BTC, ETH, SOL, XAI, and TIA. Similarly, Coinbase’s top five tokens by volume include BTC, ETH, SOL, OP, and TIA. However, in South Korea, Upbit and Bithumb dominate the local market, holding a significant share of the country’s aggregate crypto trading volume.

Upbit and Bithumb Dominate the South Korean Market

Upbit and Bithumb are the largest crypto exchanges in South Korea in terms of 24-hour trading volume. While Binance and Coinbase have similar top traded coins, the top coins on Upbit and Bithumb are quite unique. Upbit, for example, sees ethereum classic (ETC) emerge as the top coin, enjoying immense popularity in South Korea. Cryptocompare.com data reveals that 68.96% of ETC trades on Upbit are conducted in Korean won.

Ethereum Classic Leads the Trading Volume on Upbit

Ethereum classic (ETC) holds the top position in trading volume on Upbit, making it the most popular coin for South Korean traders on this exchange. Aside from its popularity on Upbit, ETC also ranks as the fifth most traded coin by volume on Bithumb and holds the sixth position on Coinone. Notably, ETC is currently trading at a 4.65% premium on Upbit, while BTC is marked at a 4.40% premium on the same exchange, relative to average and weighted global exchange rates.

BTC and SOL Among the Top Traded Coins on Bithumb

Aside from ETC, the top five cryptocurrencies by trading volume on Upbit are BTC, T, SUI, and SOL. On the other hand, Bithumb’s premier crypto assets include BTC, SOL, ETH, XRP, and ETC. These rankings indicate the preferences and trading behavior of South Korean traders on these exchanges.

Korean Won Plays a Significant Role in Trading Volume

Korean won plays a significant role in the trading volumes on South Korean exchanges. For example, 80% of threshold network token (T) transactions are settled in Korean won, while a significant percentage of SUI trades and XRP swaps also involve won settlements. Additionally, 80.18% of WEMIX’s market trades are settled in won. These statistics highlight the importance of the Korean won as a currency in the South Korean crypto market.

Contributions of Upbit and Bithumb to Global ETH and BTC Trading

Upbit and Bithumb have made significant contributions to global ETH and BTC trading volumes. These exchanges, along with Korbit, contributed to 2.8% of global ETH swaps and 6.93% of all BTC swaps over the last day. This demonstrates the influence and significance of South Korean exchanges in the global crypto market.

Trading Volumes Reach Record Levels in January 2024

Trading volumes on Upbit and Bithumb have been on the rise, reaching record levels in January 2024. Data indicates that trading volumes on these exchanges began escalating towards the end of September 2023 and culminated in their peak during the first week of January. The daily trade volumes in January on both exchanges have exceeded any records set in 2023.

Remarkable Growth in South Korea’s Crypto Trading Market

South Korea’s digital currency trading market has experienced remarkable growth over the last six months, with record-breaking trading volumes on regional exchanges. This growth is seen as a positive sign for the future of crypto adoption in the country, as traders diversify their portfolios beyond the usual leading pairs found on international platforms.

Positive Sign for Crypto Adoption in South Korea

The rising volumes in South Korea and the difference in top coins compared to other international trading platforms indicate a growing interest and adoption of cryptocurrencies in the country. This trend showcases the unique preferences and trading behavior of South Korean traders, highlighting the potential for further crypto market growth in the region.

What do you think about the rising volumes in South Korea and the difference in top coins compared to other international trading platforms? Share your thoughts and opinions about this subject in the comments section below.