South Korean traders have significantly influenced the increase in digital asset market volume, Bloomberg reports.
South Korean exchanges’ market share rose to 12.9% in November from 5.2% in January, with Upbit a major contributor, according to digital asset data provider CCData.
Fueling the altcoin rally
In addition to the flagship cryptocurrency Bitcoin, smaller tokens like Solana and Avalanche have seen substantial gains.
South Korean traders, who lack access to a futures market, have shown particular interest in altcoins. This segment experiences higher trading volumes compared to other investment assets, according to cryptoanalysis firm CryptoQuant.
Solana (SOL), for example, earned a notable “Kimchi premium” in South Korea amid its recent rally. Indicates higher local prices and an increase in commercial interest compared to the global average.
A major cryptocurrency IPO?
In related news, Bithumb, a prominent cryptocurrency exchange in South Korea, plans to go public in the second half of 2025.
Its goal is to list on the Kosdaq, the South Korean version of the Nasdaq.
This move, which would be the first IPO by a Korean crypto exchange, is part of the company’s strategy to reduce the market share of Upbit, its main competitor.
