The recent Bitcoin rally has reignited a trading frenzy among South Korea’s crypto enthusiasts, with trading volumes on local exchanges surpassing those of the stock market last week.
Reports from local media indicate that trading volumes on South Korea-based crypto exchanges reached a record-breaking 11.8 trillion won (KRW) on Sunday, equivalent to $9 billion based on the prevailing USD-KRW exchange rate.
These figures exceeded the trading volume of the South Korean stock market on Friday, which stood at 11.47 trillion won ($8.7 billion).
The combined transaction amount of Korea’s five largest won markets contributed to this milestone, with Upbit leading the pack at 8.8 trillion won, followed by Bithumb at 2.7 trillion won, Coinone at 176.4 billion won, Gopax at 55.2 billion won, and Coinone at 32 billion won.
Among the top five crypto markets on Upbit, the most actively traded pairs were Bitcoin (BTC), Space ID (ID), IQ Protocol’s IQ, Ox’s ZRX, and Shiba Inu (SHIB).
Observers of the local market believe that the relatively higher volume in the crypto market reflects an increased risk tolerance among South Korean investors, especially following the recent Bitcoin rally.
Ki Young-Ju, founder of on-chain provider CryptoQuant, explained that Koreans tend to favor high-risk, high-return investments due to their experience with a rapidly growing economy.
As wealth disparity widens, more individuals are turning to alternative coins (altcoins) as their preferred choice over major assets like BTC or ETH.
Despite trading at a premium compared to global exchanges, Bitcoin, Ethereum, and other tokens maintain strong retail demand on Korean exchanges.
The sustained high daily trading volume on Upbit since March,
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