- South Korea’s growing interest in altcoins is reshaping its crypto market landscape.
- Altcoin trading volumes on domestic exchanges are significantly higher compared to Bitcoin and Ethereum.
- “Altcoin preference is one of the main features of the domestic virtual currency market,” according to a report by DeSpread.
Discover how South Korea’s altcoin craze is influencing global crypto markets and driving unprecedented trading volumes.
South Korean Altcoin Interest Continues to Rise
The report’s authors noted that “the influence of the South Korean market” was “noticeable” in “major global altcoin markets with relatively large market capitalization.” DeSpread noted that on August 5, 2023, 90% of the global trading volume of Stacks (STX) took place “on domestic crypto exchanges.” The firm added that at various times, 60% of the global trading volume of the NFT marketplace token Blur (BLUR) has originated from South Korea.
Crypto Adoption Showing No Signs of Slowdown
The report also noted that search engine data showed that South Koreans were more likely to search the web for crypto-related terms than people in the US and Japan in 2023. While Americans and Japanese users were more likely to search the web for stocks-related terms, South Koreans were more likely to search for the term “코인” (literally “coin”). In South Korea, this term is mainly used to refer to altcoins. Proportionally, South Koreans were also more likely to search for “Bitcoin” in 2023 than web users in the US and Japan.
The report also found that “mentions of the South Korean crypto market” were increasing on overseas media websites. The authors said there had been a “steady increase” in South Korean crypto news “since 2021.” They noted a sharp rise in South Korea-related coverage in 2022, when reporting “centered on [Do Kwon]” and the Terra ecosystem. News reports have since “shifted focus to the overall crypto ecosystem, including South Korean government regulations,” the authors concluded.
Conclusion
South Korea’s fascination with altcoins is not just a local phenomenon but a significant driver in the global crypto market. With increasing trading volumes and a growing interest in crypto-related searches, South Korea is poised to remain a pivotal player in the cryptocurrency landscape. As regulations evolve and market dynamics shift, the country’s influence on the global stage will likely continue to grow.
