Here’s a brief summary of a recent report by Despread on the South Korean crypto market.
Crypto investors: South Korea has around 6 million crypto investors, accounting for about 10% of the total population. This is a significant number of investors, and it is a sign of the country’s strong interest in cryptocurrencies.
Trading volume: The trading volume of the four major crypto exchanges in South Korea is about 10% of the trading volume of Binance. This suggests that South Korea is a major market for cryptocurrencies.
Exchange dominance: Upbit, the largest crypto exchange in South Korea, accounts for about 70%-80% of the total trading volume in the country. This indicates that Upbit is the preferred exchange for most South Korean crypto investors.
Love for altcoins: South Korean crypto investors are known for their love of altcoins. In fact, South Korea is often referred to as the “altcoin kingdom.” This is because South Korean investors are more willing to invest in risky altcoins than investors in other countries.
Hate for mainstream coins: South Korean crypto investors are not as interested in mainstream coins, such as Bitcoin and Ethereum. This is likely because South Korean investors are looking for higher returns, and they believe that altcoins have more potential to generate high returns than mainstream coins.
Implications for the cryptocurrency industry
The fact that South Korea has a large number of crypto investors and a significant trading volume is a positive development for the cryptocurrency industry. It shows that South Korea is a major market for cryptocurrencies, and that there is strong demand for cryptocurrencies in the country.
The dominance of Upbit in the South Korean crypto market is also a positive development for the industry. It shows that Upbit is a trusted and reliable exchange, and that it is preferred by most South Korean crypto investors.
The love for altcoins
The love of altcoins among South Korean crypto investors is interesting. It suggests that South Korean investors are more sophisticated and risk-tolerant than investors in other countries. This could lead to South Korea becoming a major hub for altcoin innovation and development.
The hate for mainstream coins among South Korean crypto investors is less positive. It suggests that South Korean investors are more interested in short-term gains than long-term investment. This could lead to greater volatility in the South Korean crypto market.
Overall, the Despread Research of South Korea is positive for the cryptocurrency industry. It shows that South Korea is a major market for cryptocurrencies, and that there is strong demand for cryptocurrencies in the country. The dominance of Upbit in the South Korean crypto market is also a positive development. The love of altcoins and hate for mainstream coins among South Korean crypto investors are interesting trends that could have a significant impact on the cryptocurrency industry in the future.
