Over the last two months, traders from South Korea have played a major role in driving significant growth in the global cryptocurrency market, according to a new report from Bloomberg.
Since January of this year, the share of South Korean crypto trading platforms has more than doubled, from 5.2% to 12.9%.
Jamie Sly of CCData, a crypto market data provider, said that South Korean platforms like the major exchange Upbit have contributed immensely to the expanded trading volumes seen on centralized exchanges. Contributing to this, analysts from CryptoQuant, a blockchain data platform based in South Korea, also emphasized that traders in the country are largely responsible for the worldwide surge in altcoin trading activity.
Earlier this month, Bithumb, South Korea’s second-largest crypto exchange, announced plans for an initial public offering on the Korean stock exchange KOSDAQ in 2025. The move is seen as an effort by Bithumb to boost user confidence in its exchange operations following a turbulent 2023.Â
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