Each day buying and selling volumes on South Korean exchanges have hit their highest level since August final yr, with altcoins dominating the transactions, in keeping with data from blockchain analytical agency Kaiko.
Buying and selling actions on main South Korean platforms, together with Upbit, Bithumb, Coinone, and Korbit, surged to a mean of greater than $4 billion in direction of the tip of October and the start of November earlier than dropping to greater than $3 billion.
Information from CCData, as reported by Bloomberg, additionally corroborates these upward buying and selling actions on South Korean exchanges. In keeping with the report, crypto buying and selling platforms within the Asian nation noticed their market shares rise to round 13% from the 5.2% recorded in January.
Round this era, the crypto market noticed flagship digital property like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) rally to new yearly highs pushed by the market optimism surrounding the attainable approval of a spot exchange-traded fund (ETF) in the US.
Nonetheless, South Korean crypto merchants closely commerce altcoins, in keeping with CryptoQuant analysts.
Upbit dominates
In the meantime, the Kaiko information restates Upbit’s South Korean crypto market dominance, because the change accounts for many buying and selling actions.
Kaiko noted that Upbit’s market dominance had soared to as excessive as 90% in Might final yr earlier than barely declining to round 80% in October 2023. Altcoins account for 88% of all buying and selling actions on Upbit.
Alternatively, its rival, Bithumb, controls round 20% of the market. In the course of the previous yr, the crypto change’s management has confronted varied challenges, with its majority shareholder, Kang Jong-hyun, being arrested for allegedly embezzling roughly $50 million.
This has resulted in its newest efforts to rebuild public belief by planning an Preliminary Public Providing (IPO) for 2025 and eradicating transaction charges.
