Korea Returns to Crypto: Upbit Volume Surges 273%

South Korea's cryptocurrency market is experiencing a surge in activity after months of dormancy. Upbit, the country's largest exchange, saw its 24-hour trading volume jump 273% to $1.84 billion, its highest daily figure since mid-March.

XRP was the most-traded cryptocurrency on Upbit over the past 24 hours, with over $418.9 million worth of trades. Bitcoin and USDT also saw significant activity, while ether trailed behind.

The rebound follows a prolonged bear market that began in early 2026 and drove South Korean capital toward the stock market. The KOSPI stock index climbed to record highs on an AI memory boom at Samsung Electronics and SK Hynix, with Upbit and Bithumb both reporting significant drops in operating revenue.

While some analysts remain cautious, others predict that a sustained rally could draw more Korean capital into digital assets. Min Jung, an associate researcher at Presto Research, notes that South Korean investors tend to follow global momentum rather than initiate their own rallies.