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In a recent <a href="https://research.despread.io/di-01/" rel="noopener noreferrer nofollow">report</a> by the Web3 market strategy consulting firm DeSpread, <a href="https://cryptosnewss.com/south-korean-crypto-exchange-upbit-scores-initial-approval-for-singapore-license/" rel="noopener noreferrer nofollow">South Korea’s cryptocurrency</a> landscape is set to embrace a substantial influx of investors, constituting more than 10% of the country’s total population, amounting to roughly 6 million individuals.The report suggests that Centralized Exchanges (CEX) are the preferred choice for the majority of these enthusiastic investors. This surge in interest and trust in cryptocurrencies highlights South Korea’s growing significance in the global digital finance arena.<h2 id="header-0">Korean Crypto-Centralized Exchanges Take Center Stage</h2>While the global crypto trading volumes experience a decline, the Korean Centralized Exchanges (CEXs) present a contrasting narrative. Four key players, namely Upbit, Bithumb, Coinone, and Korbit, emerge as the driving force behind this momentum, collectively accounting for 10% of the worldwide trading volume.This remarkable achievement places them ahead of Coinbase, the second-largest global exchange, in terms of trading volumes. Upbit, in particular, leads the pack, with a staggering $36 billion in trading volume recorded in February alone, securing an 80% share of the Korean market.Following Upbit is Bithumb, capturing a market share ranging from 15% to 20%, while Coinone and Korbit trail with market shares of 3-5% and less than 1%, respectively.<h2 id="header-1">Exploring Altcoin Preferences</h2>Investment trends often provide insights into the psychology of investors. A deeper analysis of Korean CEXs reveals a clear affinity for altcoins. The South Korean market’s investment landscape stands in stark contrast to platforms like <a href="https://cryptosnewss.com/ripples-fate-in-2024-sec-battle-coinbases-role-in-settlement/" rel="noopener noreferrer nofollow">Coinbase</a>, where institutional investors hold significant influence. According to the report:“Unlike Upbit, where individual investors dominate, Coinbase’s trading volume is driven by institutional investors.”_______________________________________________________________________________________Stay connected with us on <a href="https://news.google.com/publications/CAAqBwgKMLrrowwwzOOyBA" rel="noopener noreferrer nofollow">Google News</a>, <a href="https://t.me/cryptosnewsss" rel="noopener noreferrer nofollow">Telegram</a>, <a href="https://twitter.com/NewssCryptos" rel="noopener noreferrer nofollow">Twitter</a>, and <a href="https://www.facebook.com/profile.php?id&#61;100089949049302" rel="noopener noreferrer nofollow">Facebook</a> to stay updated on the latest developments and engaging discussions in the realm of CryptosNewss.Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.Originally published at <a href="https://cryptosnewss.com/south-koreas-crypto-frenzy-altcoins-trump-bitcoin-among-6-million-investors/" rel="noopener noreferrer nofollow">https://cryptosnewss.com</a> on October 28, 2023.

South Korea’s Crypto Frenzy: Altcoins Trump Bitcoin Among 6 Million Investors

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