The South Korean cryptocurrency market has recently seen a surge in trading activity, with massive trading volumes and widespread participation in the South Korean cryptocurrency market leading to the Korean Won (KRW) trading volume surpassing that of the US dollar in the first quarter of 2024. South Korea's largest cryptocurrency exchange, Upbit, accounts for over 70% of the country's trading volume. Recently, the country's cryptocurrency trading volume has seen significant growth again. On Upbit, the trading volume has increased by over 100% in the past seven days, with the main contributors being DOGE and XRP, while XLM and SAND also played a role. In the fourth quarter, the trading volumes for DOGE and XRP were $58.2 billion and $38.6 billion, respectively, far exceeding Bitcoin's trading volume of $30.1 billion. Additionally, as of November 25, the 24-hour trading volume for the SAND/KRW trading pair on Upbit was $1.6 billion, accounting for 13% of the exchange's total trading volume of $11.9 billion. On Bithumb, XRP dominated with a trading volume of $433.9 million, making up 14% of the total trading volume. A fourth-quarter report from Tiger Research indicates that approximately 15% of the South Korean population (a total of 7.78 million people) actively participates in trading on South Korean exchanges. Historically, young people in South Korea have been keen on investing in cryptocurrencies, viewing them as a sustainable way to accumulate wealth in a country with high unemployment rates. A survey by South Korean recruitment portal Samarin HR found that 49.8% of South Korean workers aged 30 to 39 have invested in cryptocurrencies, and 37.1% of workers in their 20s have also followed suit. (Bitcoin.com)

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