The trading volume of South Korean cryptocurrency exchanges has surged, led by DOGE and XRP

Odaily Planet Daily reported that the South Korean cryptocurrency market has recently experienced a surge in trading activity, with huge trading volume and widespread participation in the South Korean cryptocurrency market, causing the trading volume of the Korean won (KRW) to surpass the US dollar in the first quarter of 2024. Upbit, the largest cryptocurrency exchange in South Korea, accounts for over 70% of the country's trading volume. Recently, there has been a significant increase in the trading volume of cryptocurrencies in the country. On Upbit, trading volume has increased by over 100% in the past seven days, with DOGE and XRP being the biggest contributors, and XLM and SAND also playing a role. In the fourth quarter, the trading volumes of DOGE and XRP were $58.2 billion and $38.6 billion, respectively, far exceeding Bitcoin's $30.1 billion trading volume. In addition, as of November 25th, the 24-hour trading volume of SAND/KRW pairs on Upbit was $1.6 billion, accounting for 13% of the total trading volume of $11.9 billion on the exchange. On Bithumb, XRP dominates with a trading volume of $433.9 million, accounting for 14% of the total trading volume. A fourth quarter report of Tiger Research shows that about 15% of the Korean population (7.78 million people in total) actively participate in trading on the Korean Exchange. From a historical perspective, young people in South Korea have always been enthusiastic about investing in cryptocurrencies, believing that in countries with high unemployment rates, cryptocurrencies are a sustainable way to accumulate wealth. A survey conducted by Samarin HR, a recruitment portal in South Korea, shows that 49.8% of Korean workers aged 30 to 39 have invested in cryptocurrency, and 37.1% of workers in their 20s have also followed suit. （(Bitcoin.com)）