January 26, 2021

Cryptheory

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South Korean crypto market records more trades in Altcoins

2 min read

TL:DR Breakdown:

  • The South Korean crypto market had the most altcoin trading volume for the past five months.
  • Korean traders showed more interest in trading home-based coins.

The South Korean crypto market recorded a massive altcoin trading volume over the past five months, according to the market report on Friday by Xangle and Chainalysis. The data were curated from the four biggest digital currency exchanges in the country. Traders in the country were mostly trading cryptocurrencies from Korean projects. Overall, the cumulative value of trading volume on the exchanges from June to October reached $93 billion.

Altcoin trading dominated in the South Korean crypto market

Between the stated periods, the four biggest crypto exchanges gained a cumulative trading volume as follows: Coinone ($15.7 billion), Bithumb ($39 billion), Korbit ($630 million), and Upbit ($37 billion). According to the report, the Bitcoin trading volume only accounts for about 15.3 percent of the entire cumulative trading volume in the South Korean crypto market. For decentralized finance (DeFi) tokens, Xangle noted that such cryptos had poor listings on the exchanges.

They represented about 11.5 percent of the entire listing in Bithumb, Coinone, Upbit, and Korbit combined. As such, they accounted for a lower record at 5.96 percent of the $93 billion total cumulative trading volume. From these records, Xangle noted that altcoins were the most traded digital currencies in the South Korean crypto market, as Bitcoin and DeFi tokens contained less than 50 percent of the entire volume.

Korean altcoins

Per the report, there are more than 260 digital currencies available on the four exchanges for trading. Coinone exchange offers the highest number of coins (130) for trading, followed by Bithumb (116), Upbit (105), and Korbit (23). About 33 percent of these coins are the native cryptocurrency of the Korean crypto project, according to Xangle. The most-traded Korean coins include KLAY, TMTG, FLETA, EGG, and so on.

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