Upbit and Bithumb Lead the Way as South Korea's Cryptocurrency Trading Hits Record High in 2024

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.

Learn from market wizards: Books to take your trading to the next level

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @ItuGlobal

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

WHAT IS ADVFN?

ADVFN covers all things stock market.

From the news and opinion pieces on pages like this to share discussion forums, charting tools, financials, live share prices and Level 2, order book data

If you trade or invest ADVFN has the tools you need to make the right decisions.

• 

  101 Ways to Pick Stock Market Winners

  You need the number one bestselling investment guide, the definitive text for day traders, investors and stock pickers.

• 

  The Death of Wealth

  Dissecting the global economy and the financial markets, the book lays out the evidence for the next economic game changer: the Death of Wealth.

• 

  Professor Glen Arnold

• 

  Rebecca Clinton-Floyed

• 

  ADVFN Deals

• 

  Fat Prophets