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South Korean exchanges double market share in 2023

south-korean-exchanges-double-market-share-in-2023
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South Korean exchanges double market share in 2023

In the last two months, traders from South Korea have largely contributed to the active growth in the volume of the cryptocurrency market.

Thus, the share of local trading platforms has more than doubled since January of this year – from 5.2% to 12.9%, Bloomberg reported.

According to Jamie Sly of CCData, South Korean platforms have played a huge role in the growth of trading activity on centralized exchanges (CEX). He also added that most of the trading volume came from domestic Upbit.

South Korean exchanges double market share in 2023 - 1
Source: Bloomberg

Analysts from the South Korean blockchain platform CryptoQuant emphasized that traders from South Korea are responsible for the global growth in altcoin trading volume.

Earlier this month, Korea’s second-largest exchange, Bithumb, is set to enter the local stock market in 2025. Now the site is preparing for an initial public offering (IPO) on KOSDAQ, the South Korean analogue of Nasdaq. It is assumed that in this way the crypto platform wants to increase user confidence in its exchange operations after the difficult 2023.