Bitcoin Rally Sends South Korean Crypto Trading Soaring
Trading activity on South Korea's largest crypto exchanges has surged significantly, driven by Bitcoin's recent rally. According to data from CoinGecko on Aug. 21, Upbit recorded its highest daily trading volume since mid-March, with a total of $1.84 billion in transactions.
$XRP took the lead on both Upbit and Bithumb, surpassing Bitcoin, USDT, and Ether in terms of trading volume. On Upbit, $XRP accounted for over $418 million in 24-hour volume, while on Bithumb, it ranked as the most-traded cryptocurrency.
The increase in trading activity follows months of weaker performance across South Korea's crypto market. In May, local trading had dropped to just 8% of KOSPI trading volume, with cryptocurrency turnover lagging behind domestic equities.
Min Jung, an associate researcher at Presto Research, notes that while the recent surge in trading activity is promising, it may be too early to call a sustained move from stocks into crypto. 'Korean retail capital tends to follow returns,' she said, suggesting that investors are likely to continue chasing stronger performance.