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Korean Crypto Market Surges With 6M Investors Flocking to Altcoins on CEX: Report

Published 10/27/2023, 04:11 PM
Updated 10/27/2023, 04:15 PM
Korean Crypto Market Surges With 6M Investors Flocking to Altcoins on CEX: Report

  • South Korea’s crypto market is set to reach 6 million investors by H1 2023, over 10% of the population.

  • Korean CEXs (Upbit, Bithumb, Coinone, Korbit) contribute 10% of global trading volume.

  • Altcoins are favored in the Korean market, while Coinbase (NASDAQ:COIN) leans towards Bitcoin and Ethereum.

The Korean crypto market is poised for a remarkable surge, with the number of crypto investors in South Korea expected to reach 6 million by the first half of 2023, accounting for over 10% of the nation’s total population. According to a Web3 market strategy consulting firm DeSpread report, most of these investors participate in centralized exchanges (CEX).

Despite a global decline in overall cryptocurrency trading volume, the major Korean CEXs are thriving. Compared to the world’s largest exchange, Binance, these four major Korean exchanges, namely Upbit, Bithumb, Coinone, and Korbit, collectively contribute 10% of the global trading volume, even surpassing the second-largest exchange, Coinbase.

The standout among the four major exchanges is Upbit, which has consistently held the top position. In February, it reached its peak with a trading volume of $36 billion, capturing 80…

The post Korean Crypto Market Surges With 6M Investors Flocking to Altcoins on CEX: Report appeared first on Coin Edition.

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