Solana

Avalanche

Force

<figure>
 <figcaption>
  Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
<p>South Korean traders have significantly influenced the increase in digital asset market volume, Bloomberg <a href="https://www.bloomberg.com/news/articles/2023-11-15/korean-crypto-trading-enthusiasts-are-at-the-forefront-of-the-recent-rally?utm_source=twitter&amp;utm_campaign=socialflow-organic&amp;utm_medium=social&amp;utm_content=crypto#xj4y7vzkg" rel="noopener noreferrer nofollow">reports</a>. &nbsp;</p>
<p>The market share of South Korean exchanges rose to 12.9% in November from 5.2% in January, with Upbit being a major contributor, according to digital asset data provider CCData. &nbsp;</p>
<h2 id="driving-the-altcoin-rally">Driving the altcoin rally &nbsp;</h2>
<p>Apart from Bitcoin, the flagship cryptocurrency, smaller tokens like <a href="https://u.today/this-solana-sol-price-level-is-dangerous-analyst-shows" rel="noopener noreferrer nofollow">Solana</a> and Avalanche have seen substantial gains.&nbsp;</p>
<p>South Korean traders, who lack access to a futures market, have shown a particular interest in altcoins. This segment experiencing higher trading volumes compared to other investment assets, according to crypto analytics firm CryptoQuant.&nbsp;</p>
<p>Solana (SOL), for instance, garnered a notable <a href="https://u.today/bitcoin-hits-71000-in-south-korea-as-kimchi-premium-goes-through-the-roof" rel="noopener noreferrer nofollow">"Kimchi premium"</a> in South Korea amid its recent rally. It indicates higher local prices and a surge in trading interest compared to the global average.&nbsp;</p>
<h2 id="a-major-crypto-ipo">A major crypto IPO?</h2>
<p>In related news, Bithumb, a prominent cryptocurrency exchange in South Korea, plans to <a href="https://www.koreaherald.com/view.php?ud=20231113000647" rel="noopener noreferrer nofollow">go public</a> in the second half of 2025.</p>
<p>It aims to list on the Kosdaq, South Korea's version of the <a href="https://u.today/bitcoin-bulls-hit-with-a-twist-from-nasdaq-heres-what-happened" rel="noopener noreferrer nofollow">Nasdaq</a>.&nbsp;</p>
<p>This move, which would be the first IPO by a Korean crypto exchange, is part of the company'ss strategy to chip away at the market share of Upbit, its main competitor. &nbsp;</p>

Asian Crypto Traders Driving Force Behind Recent Crypto Trading Volume Spike

Table of Contents

U_Today

Other articles published on Nov 16, 2023

Ripple Chief Legal Officer Says SEC Is Losing in Court

Tether Emerges Victorious in Lawsuit, Altcoins Surge Amidst Rising USDT Activity

WhiteBIT Crypto Exchange Marks the 5th Anniversary: Key Achievements

Austin Campbell Highlights a Claimed Discrepancy Between USDC and USDT Pegs

New York tightens its grip on Crypto listings

RNDR Coin Price Prediction: A Detailed Analysis of the Recent Surge

Join our free newsletter for daily crypto updates!