The South Korean won has overtaken the US dollar in cryptocurrency trading. In the first quarter of 2024, trading volume in won reached $456 billion, ahead of $445 billion in dollar terms, according to Kaiko. 📊

The change of leader is associated with competition on Korean exchanges. Bithumb and Korbit offer commission-free trading to lure customers away from Upbit.

Traders in South Korea prefer altcoins over Bitcoin and Ether, which account for more than 80% of the country's trading activity.

Cryptocurrencies are also influencing political discourse. During the last election, regulation of cryptocurrencies became an important topic. Despite regulatory measures, crypto adoption is growing in the country.