South Korea’s Crypto Trading Soars
In the past 100 days, South Korea has experienced a surge in crypto trading activity, with the country’s top exchanges, Upbit and Bithumb, reporting their highest trading volumes in early January 2024. However, the most popular traded coins in South Korea differ from those on global platforms like Binance and Coinbase. This report provides an in-depth analysis of South Korea’s top crypto pairs based on their trading volumes.
Unique Tokens in South Korea
While the top five cryptocurrencies on Binance and Coinbase are similar, South Korea’s Upbit and Bithumb exchanges have their own unique selection of top tokens. Ethereum classic (ETC) stands out as the top coin on Upbit and enjoys immense popularity in South Korea. Additionally, ETC is among the most traded tokens on Bithumb and Coinone.
Upbit and Bithumb Dominate the Local Market
Upbit and Bithumb are the dominant players in South Korea’s crypto market, holding significant shares of the country’s trading volume. Upbit, in particular, sees high trading volumes for ETC and other cryptocurrencies.
Trading Volume Rankings
At Upbit, the top five cryptocurrencies by trading volume are ETC, BTC, T, SUI, and SOL. Bithumb’s leading assets include BTC, SOL, ETH, XRP, and ETC. Coinone’s top five are BTC, XRP, WEMIX, ETH, and SOL.
Growth in Trading Volumes
Trading volumes on Upbit and Bithumb have been steadily increasing since September 2023, reaching their peak in the first week of January 2024. This growth signals a promising future for crypto adoption in South Korea, as traders embrace a wider range of tokens beyond the usual leading pairs found on international platforms.
Hot Take: South Korea’s Growing Crypto Market
The past six months have witnessed remarkable growth in South Korea’s digital currency trading market, with record-breaking trading volumes on local exchanges. This positive trend indicates a growing interest in cryptocurrencies and suggests a bright future for crypto adoption in the country.
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