Against the backdrop of a global decline in cryptocurrency prices, the South Korean market shows activity in trading specific altcoins, notably Ethereum and XRP.
General Trends in South Korea's Cryptocurrency Market
The cryptocurrency market in South Korea sees increased interest in certain altcoins despite an overall downward trend. The percentage increase in cryptocurrency trading in this region differs from other markets, yielding significant volumes.
Trading Volume on Upbit and Bithumb
According to data from South Korea's largest cryptocurrency exchanges, Upbit and Bithumb, Ethereum and XRP ranked highest in total trading volume. Upbit displayed higher trading volumes, exceeding $5 billion in recent days with a peak of $7.5 billion compared to Bithumb, which typically maintains volumes between $1 billion and $2 billion.
The Role of Altcoins in Trading
On Upbit, Ethereum led with a trading volume of $2.064 billion, followed by XRP at $2.05 billion. The altcoin Cronos (CRO) ranked third with $1.82 billion, while Solana (SOL) and Bitcoin (BTC) were fourth and fifth, respectively. Additionally, PYTH, collaborating with the U.S. Department of Commerce, achieved a weekly trading volume of $1.1 billion.
Trading of altcoins in South Korea reflects unique trends amid the global cryptocurrency market crisis, particularly on exchanges like Upbit and Bithumb.
