A recent survey reveals South Korea’s crypto investment surge with over 6 million investors, reshaping the financial landscape. Discover the dominance of centralized exchanges in the Korean crypto market.
South Korea has witnessed a remarkable surge in cryptocurrency investment, with a recent survey conducted by the Korea Financial Intelligence Unit (KoFIU) projecting approximately six million crypto investors by the first half of 2024, equating to over 10% of the country’s total population.
What’s particularly striking about this phenomenon is the pivotal role played by centralized exchanges in the Korean crypto landscape. Despite global trading volume fluctuations, South Korean exchanges have showcased resilience, with Bitcoin maintaining a relatively stable range of $27K to $28K over six months.
Korean exchanges experienced a dip to $23 billion in May after a peak of $45 billion in February. However, they swiftly rebounded, surpassing even industry giants like Binance and Coinbase. Upbit stands as the dominant player, accounting for approximately 80% of the Korean crypto exchange market. Bithumb secures the second-largest position with a 15% to 20% market share.
Korean investors have shown a penchant for altcoins, with Loom Network (LOOM), eCash (XEC), and Flow (FLOW) leading the charts. This preference underscores the unique investment strategies in the Korean market, with a focus on high-profit potential altcoins.