Interest in altcoins may be the driving factor as Korean interest in altcoins continues to grow, according to a new report.
According to South Korean news site Kyunghyang Games, these findings were published in a report on the country's crypto community conducted by blockchain market consulting firm DeSpread.
The authors of the report note that “altcoin preference” is “one of the key characteristics of the domestic virtual currency market.”
Top trading pairs on South Korean exchange Bithumb | Source: CoinGecko
They added that “users of domestic crypto exchanges mainly trade altcoins, rather than Bitcoin (BTC) or Ethereum (ETH).”
Koreans' interest in altcoins continues to grow?
The report's authors note that “the influence of the Korean market” is “noticeable” in “large global altcoin markets with relatively large market capitalizations.”
DeSpread noted that on August 5, 2023, 90% of Stacks (STX) global trading volume occurred “on domestic crypto exchanges.”
The company added that at various times, 60% of the Blur token (BLUR) global trading volume from the NFT market has originated in South Korea.
Top trading pairs on South Korean cryptocurrency exchange Coinone | Source: CoinGecko
Crypto adoption shows no signs of slowing down?
The report also notes that search engine data shows that Koreans are more likely to search for crypto-related terms on the web than Americans and Japanese in 2023.
While Americans and Japanese tend to search for terms related to stocks, Koreans tend to search for the term “코인” (meaning “coin”). In Korea, the term is mainly used to refer to altcoins.
South Koreans are also more likely to search for “Bitcoin” in 2023 than web users in the US and Japan.
The report also found that “mentions of the Korean crypto market” are increasing on foreign media sites.
The authors said there has been a “steady increase” in Korean crypto news “since 2021.”
They noted a sharp increase in South Korea-related news coverage in 2022, as reporting “focused on Do Kwon” and the Terra ecosystem.
News reports have since “shifted focus to the overall crypto ecosystem, including South Korean government regulations,” the authors concluded.
Source: https://tapchibitcoin.io/su-quan-tam-cua-altcoin-thuc-day-con-sot-tien-dien-tu-o-han-quoc.html
