Upbit and Bithumb Lead the Way as South Korea’s Cryptocurrency Trading Hits Record High in 2024South Korea’s crypto scene surges in the past 100 days, with Upbit and Bithumb hitting peak volumes in early January 2024. As of January 15, 2024, Binance and Coinbase, global crypto leaders, share common top five tokens—BTC, ETH, SOL, and TIA. However, Upbit in South Korea takes a unique turn with ethereum classic (ETC) reigning supreme, capturing 68.96% of trades in Korean won, distinguishing itself from the global counterparts.
The Cryptocurrency Landscape in South Korea
Surging to the forefront, ethereum classic (ETC) claims the fifth spot on Bithumb and sixth on Coinone, while enjoying a 4.65% premium on Upbit. Upbit’s top five, featuring ETC, BTC, T, SUI, and SOL, diverge from Bithumb’s BTC, SOL, ETH, XRP, and ETC. Coinone brings BTC, XRP, WEMIX, ETH, and SOL into the spotlight. Notably, 80% of T transactions settle in Korean won, echoing the trend with SUI and XRP. WEMIX follows suit with 80.18% of trades in won. These exchanges, including Korbit, contributed to 2.8% of global ETH swaps and 6.93% of BTC swaps, marking a significant upswing since the end of September 2023, culminating in peak volumes in the first week of January 2024.
In the past half-year, South Korea’s digital currency market has witnessed unprecedented expansion, marked by record-breaking trading volumes on local exchanges. This surge not only reflects the country’s growing interest in crypto but also signals a positive shift in adoption, as traders explore diverse portfolios beyond the conventional pairs prevalent on global platforms.
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