Korean Crypto Market Surges; Investors Flock Alts
The Korean crypto market is expected to grow significantly, with 6 million investors by the first half of 2023, accounting for over 10% of the country’s population. Most of these investors are participating in centralized exchanges (CEXs), such as Upbit, Bithumb, Coinone, and Korbit, which collectively contribute 10% of global trading volume, surpassing the second-largest exchange, Coinbase. Despite a global decline in cryptocurrency trading volume, these major Korean CEXs are thriving.
The Korean crypto market is dominated by four major exchanges, with Upbit holding the top position with a trading volume of $36 billion in February. Bitcoin accounts for 15% to 20% of the market. Coinone and Korbit have smaller market shares. The high proportion of altcoin trading is due to the contrast in investment preferences between Upbit and Coinbase users. Upbit’s trading volume relies on individual investors, while Coinbase’s institutional investors prioritize portfolio stability. Loom Network dominates trading with a 62% ratio, followed by eCash at 55% and Flow at 43%.
(With inputs from Shikha Singh)
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