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

Dogecoin Price Skyrockets Eyeing $0.1 As Physical DOGE Heads To The Moon

Cardano's Market Echoes 2018-2020 Trends Minus COVID Crash: ADA Price Eyes $0.45 in December and ...

Bitcoin uses more sustainable energy than any other industry; data shows

dYdX (DYDX) Token Surges 20% Ahead of Massive Unlock Event

Solana (SOL) Upholds Its Reign Amid Crypto Unrest, But Are Its Greatest Gains Ahead?

Join our free newsletter for daily crypto updates!