According to data from CoinmarketCap, Upbit has achieved a staggering daily trading volume of nearly 3 billion USD, trailing only behind Binance by 1 billion USD. As a result, the exchange has secured the second position in the 24-hour trading volume rankings. This remarkable growth in trading volume is noteworthy.
It’s worth noting that Upbit primarily facilitates trading pairs with KRW (Korean Won). This means the exchange mainly serves investors in South Korea. However, the FOMO (Fear of Missing Out) sentiment among the Korean trading community has spread to investors in other countries, leading to significant increases in trading volumes for corresponding Altcoin/USDT pairs.
Interestingly, while overall market trading volumes are showing a downward trend, Upbit’s trading volume is on the rise.
Part of the reason for the rush of traders to Upbit is the approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license for Upbit Singapore. While this is not yet a full and official approval, it signifies that Upbit Singapore can continue to offer Digital Payment Token services before waiting for a complete license.
“This approval from MAS is a strategic milestone in enhancing our presence in Singapore, a country at the forefront of digital finance.”
- Alex Kim, CEO and Founder of Upbit Singapore
Despite Bitcoin Dominance still hovering above 51%, many low-cap Altcoins are surging. Currently, several Altcoins have experienced significant pumps and are now undergoing corrections. However, it’s important for investors to be cautious, as BTC.D (Bitcoin Dominance) remains above 51%. Setting overly high expectations and FOMO trends in this context can pose high risks for investors.