Korean Crypto Market Sees Trading Volumes Surge on Bitcoin Rally

South Korea's largest cryptocurrency exchange by volume is Upbit, which handled over $1.04 billion in spot trading in just 24 hours.

This figure beats the combined turnover of its three closest domestic rivals, Bithumb, Coinone, and Korbit (now Digital X).

The recent Bitcoin price surge past $80,000 has given the market a chance to rebound, pulling Korean retail money back onto local order books.

Smaller exchanges are trying to compete with Upbit by waiving fees in an attempt to attract regular traders and exchanges struggling financially.

Digital X (Korbit) saw its average hourly trading volume jump 36 times after scrapping trading fees on all listed coins, but most of this increase came from trading a single stablecoin, RLUSD.