Bitcoin Rally Boosts Korean Crypto Volumes to $1.84 Billion

The trading volume on Upbit surged to $1.84 billion, its highest level since mid-March, as Bitcoin's recent rally drew investors back into digital assets.

XRP led trading on both Upbit and Bithumb, the two largest crypto exchanges in South Korea, with activity increasing across the board.

The pickup follows months of weaker activity across South Korea's crypto market, where investors favored domestic equities as the KOSPI reached record levels.

Min Jung, an associate researcher at Presto Research, said while two days of stronger activity is not enough to establish a sustained move from stocks into crypto, 'a much larger influx of capital into crypto if the rally holds.'