In December, cryptocurrency exchanges in South Korea recorded the highest weekly trading volume of the year, with over $24 billion. Upbit, one of the exchanges, accounted for more than 83% of this total, with approximately $20 billion, while Bithumb ranked second with around $5 billion. Upbit is considered a major contributor to the recent price increases of many Altcoins.
This data reflects the enthusiastic sentiment of South Korean investors, as they have been actively participating in the market, both during market uptrends and downtrends. The trading volume in December increased eightfold compared to September, with a strong focus on Altcoins. Exchanges like Bithumb and Korbit have also implemented fee-free promotions to attract traders.
According to data from Kaiko, in December, trading volume in Korean Won (KRW) accounted for 42%, while trading in USD accounted for 41%. Euro ranked third with a 6.5% market share, followed by the Turkish Lira (TRY) with 5.2%. The increased trading volume in KRW compared to USD may be seen as a signal that the market has peaked, based on the psychological experience of South Korean investors.