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Daily trading volumes on South Korean exchanges have hit their highest point since August last year, with altcoins dominating the transactions, according to <a href="https://x.com/DessislavaIane2/status/1725537977424584877?s=20">data</a> from blockchain analytical firm Kaiko. 
Trading activities on major South Korean platforms, including <a href="https://cryptoslate.com/companies/upbit/">Upbit</a>, <a href="https://cryptoslate.com/companies/bithumb/">Bithumb</a>, Coinone, and Korbit, surged to an average of more than $4 billion towards the end of October and the beginning of November before dropping to more than $3 billion. 
<figure id="attachment_374958" aria-describedby="caption-attachment-374958" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-374958" src="https://cryptoslate.com/wp-content/uploads/2023/11/F_JWNrIWwAAqHkF.jpg" alt="South Korean Exchanges" width="1298" height="692" srcset="https://cryptoslate.com/wp-content/uploads/2023/11/F_JWNrIWwAAqHkF.jpg 1298w, https://cryptoslate.com/wp-content/uploads/2023/11/F_JWNrIWwAAqHkF-300x160.jpg 300w, https://cryptoslate.com/wp-content/uploads/2023/11/F_JWNrIWwAAqHkF-1024x546.jpg 1024w, https://cryptoslate.com/wp-content/uploads/2023/11/F_JWNrIWwAAqHkF-768x409.jpg 768w" sizes="(max-width: 1298px) 100vw, 1298px">
 <figcaption id="caption-attachment-374958" class="wp-caption-text">
 South Korean Crypto Exchanges (Source: Kaiko)
 </figcaption>
</figure> 
Data from CCData, as <a href="https://www.bloomberg.com/news/articles/2023-11-15/korean-crypto-trading-enthusiasts-are-at-the-forefront-of-the-recent-rally?leadSource=uverify%20wall">reported</a> by Bloomberg, also corroborates these upward trading activities on South Korean exchanges. According to the report, crypto trading platforms in the Asian country saw their <a href="https://cryptoslate.com/centralized-exchange-trading-volumes-hit-yearly-low/">market shares rise</a> to around 13% from the 5.2% recorded in January. 
Around this period, the crypto market saw flagship digital assets like Bitcoin (<a href="https://cryptoslate.com/coins/bitcoin/">BTC</a>), Ethereum (<a href="https://cryptoslate.com/coins/ethereum/">ETH</a>), and Solana (<a href="https://cryptoslate.com/coins/solana/">SOL</a>) rally to new yearly highs driven by the <a href="https://cryptoslate.com/insights/purpose-bitcoin-etf-holdings-soar-past-30k-topping-1-billion-amid-signs-of-rising-institutional-interest/">market optimism</a> surrounding the possible approval of a spot exchange-traded fund (ETF) in the United States. 
However, South Korean crypto traders heavily trade altcoins, according to CryptoQuant analysts. 
<h2 id="upbit-dominates">Upbit dominates</h2> 
Meanwhile, the <a href="https://cryptoslate.com/companies/kaiko/">Kaiko</a> data restates Upbit’s South Korean crypto market dominance, as the exchange accounts for most trading activities. 
<figure id="attachment_374959" aria-describedby="caption-attachment-374959" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-374959" src="https://cryptoslate.com/wp-content/uploads/2023/11/F_JZRgYWIAE_SF_.jpg" alt="South Korea Upbit" width="900" height="486" srcset="https://cryptoslate.com/wp-content/uploads/2023/11/F_JZRgYWIAE_SF_.jpg 900w, https://cryptoslate.com/wp-content/uploads/2023/11/F_JZRgYWIAE_SF_-300x162.jpg 300w, https://cryptoslate.com/wp-content/uploads/2023/11/F_JZRgYWIAE_SF_-768x415.jpg 768w" sizes="(max-width: 900px) 100vw, 900px">
 <figcaption id="caption-attachment-374959" class="wp-caption-text">
 UpBit Market Dominance. (Source: Kaiko)
 </figcaption>
</figure> 
Kaiko <a href="https://x.com/DessislavaIane2/status/1725540854289301719?s=20">noted</a> that Upbit’s market dominance had soared to as high as 90% in May last year before slightly declining to around 80% in October 2023. Altcoins <a href="https://research.kaiko.com/insights/korea">account</a> for 88% of all trading activities on Upbit. 
On the other hand, its rival, Bithumb, controls around 20% of the market. During the past year, the crypto exchange’s leadership has faced various challenges, with its majority shareholder, Kang Jong-hyun, being <a href="https://cryptoslate.com/cryptoslate-wrapped-daily-kraken-closes-abu-dhabi-office-bithumb-owner-arrested/">arrested</a> for allegedly embezzling roughly $50 million. 
This has resulted in its latest efforts to <a href="https://cryptoslate.com/bithumb-sets-sights-on-2025-south-korean-ipo-on-kosdaq-amid-leadership-overhaul/">rebuild public trust</a> by planning an &nbsp;Initial Public Offering (IPO) for 2025 and removing transaction fees. 
The post <a href="https://cryptoslate.com/south-korean-crypto-trading-volumes-soar-with-altcoins-taking-center-stage/">South Korean crypto trading volumes soar with altcoins taking center stage</a> appeared first on <a href="https://cryptoslate.com">CryptoSlate</a>.

South Korean crypto trading volumes soar with altcoins taking center stage

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