Korean Won Surpasses Dollar as Largest Fiat Trading Pair
South Korean crypto traders are emerging as key influencers in driving the price of Bitcoin up by over 50%, reaching its highest level in two years. According to data compiled by CCData for November, the Korean won has surpassed the dollar, becoming the largest fiat trading pair in the crypto market for the first time. The Korean won accounted for 42.8% of fiat trading activity in Bitcoin, surpassing the dollar’s share.
“Korean won accounted for 42.8% of fiat trading activity in Bitcoin in November, outpacing the dollar.” – Bloomberg
Rise of South Korean-Based Exchanges
CCData’s findings reveal a substantial increase in the market share of South Korean-based exchanges, rising to 12.9% in November compared to 5.2% at the beginning of the year. Platforms such as Upbit have significantly contributed to the surge in trading activity on centralized exchanges in South Korea.
“Particularly, platforms like Upbit have contributed significantly to the surge in trading activity on centralized exchanges in the East Asian nation.” – CCData
This surge in trading activity aligns with an overall increase in trading volume in October and November. Market optimism surrounding the potential approval of U.S. exchange-traded funds to hold digital assets has contributed to the uptick in the digital asset market.
South Korea, known for its robust blockchain and crypto community, has overcome challenges in the past, including the collapse of Terra in May 2022. Despite setbacks, the nation remains a focus for many crypto firms, particularly as regulatory challenges intensify in the United States.
The data suggests that South Korean traders are not only driving the market surge but also diversifying their influence across various digital assets. Analysts from the South Korea-founded blockchain data platform CryptoQuant revealed that South Korean traders are particularly responsible for the increasing trading volume of altcoins.
“Analysts from the South Korea-founded blockchain data platform CryptoQuant revealed that traders in South Korea are particularly responsible for the escalating trading volume of altcoins.” – CryptoQuant
