Bittime - The latest report from crypto asset market analysis company, Kaiko, reveals interesting trends in the South Korean crypto market in the 1st quarter of 2024. According to the report, the total trading volume using the South Korean Won (KRW) on centralized crypto asset exchanges (CEX) surpassed trading volume uses United States Dollars (USD).
KRW dominance
The Kaiko report shows that the trading volume of crypto assets using KRW reached $456 billion in Q1 2024. This figure is higher than the trading volume using USD which was recorded at $445 billion.
The rapid increase in trading volume using KRW is believed to be influenced by several factors, including:
- Improving Macroeconomic Environment: South Korea's improving macroeconomic conditions can encourage investor interest in crypto assets. Local investors may feel more comfortable using KRW to invest in crypto assets.
- Tight Competition between Local Crypto Exchanges: Increasingly tight competition among local crypto exchanges in South Korea has also triggered an increase in trading activity. These exchanges are competing to offer attractive features and services to attract user interest.
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Increased Trading Activity in Early March
The Kaiko report also stated that trading volume in the South Korean crypto market as a whole reached its highest point in more than 2 years in early March 2024. This upward trend in trading activity was likely triggered by a combination of the factors mentioned previously, namely improving economic conditions and intense competition. among local exchanges.
Upbit Dominance and the Emergence of Challengers
Upbit is still firmly established as the dominant player in the South Korean crypto market. Since the beginning of 2021, Upbit has consistently controlled around 82% market share. However, competition in the South Korean crypto market is increasingly heating up along with the upward trend in crypto prices at the end of last year (bull run).
Bithumb and Korbit, two other local crypto exchanges, launched fee-free trading campaigns in late 2023. This strategy has proven effective for Bithumb. This is proven by their market share increasing threefold after the campaign was launched. Meanwhile, Korbit's market share has not experienced a significant increase and on average will still be below 1% throughout 2024.
Also Read How to Buy Crypto:
Huge Potential of the South Korean Crypto Market
This report from Kaiko provides an interesting picture of the trends occurring in the South Korean crypto market. The dominance of KRW as the currency of choice for crypto trading in Q1 2024 shows the huge potential of the South Korean crypto market. Additionally, increasing competition among local exchanges is expected to continue to drive innovation and growth in the crypto market in South Korea.
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How to Buy Crypto with Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
Cryptocurrency Regulations in South Korea
South Korea Tightens Regulations on Crypto Asset Listings on Exchanges
South Korea Ready to Ban Crypto Purchases with Credit Cards
DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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