The South Korean cryptocurrency market has recently experienced a trading frenzy, with trading volumes surging and once again attracting global attention. With massive trading activity flowing in, the trading volume of the Korean Won (KRW) has surpassed that of the US Dollar in the first quarter of 2024, becoming an important force in global cryptocurrency trading. Especially at Upbit, South Korea's largest cryptocurrency exchange, its trading volume accounts for over 70% of the national market, making it the absolute mainstay of this frenzy.
DOGE and XRP lead the trend, while other cryptocurrencies lend support.
According to the latest data, Upbit's trading volume has soared by over 100% in the past seven days, with Dogecoin (DOGE) and Ripple (XRP) standing out prominently. In the fourth quarter of 2024, DOGE's trading volume reached $58.2 billion, while XRP hit $38.6 billion, far exceeding Bitcoin's $30.1 billion. Additionally, Stellar (XLM) and Sandbox (SAND) also contributed significantly to this trading frenzy.
It is particularly noteworthy that as of November 25, the SAND/KRW trading pair on the Upbit platform had a 24-hour trading volume of $1.6 billion, accounting for 13% of the platform's total trading volume of $11.9 billion for that day. Meanwhile, at another well-known Korean exchange, Bithumb, XRP dominated with a trading volume of $433.9 million, representing 14% of the total trading volume.
Nationwide participation, with young people as the main force.
South Korea's enthusiasm for cryptocurrencies has never been as high as it is today. According to a report released by Tiger Research for the fourth quarter, about 15% of the South Korean population (a total of 7.78 million people) is actively investing on local cryptocurrency exchanges. This trend is particularly pronounced among young people. Historical data shows that South Korean youth have consistently regarded cryptocurrencies as an ideal tool for wealth accumulation, especially in an economic environment with high unemployment rates.
A survey conducted by the South Korean job portal Samarin HR indicates that nearly half (49.8%) of South Korean professionals aged 30 to 39 have already invested in cryptocurrencies, with 37.1% of those in their twenties following closely behind. This suggests that cryptocurrencies are becoming the dreams and hopes of wealth for the younger generation in South Korea.
