Korea's Zero-Fee Crypto Exchange Shake-Up Sees Coinone and DigitalX Surge

Korea's cryptocurrency market is undergoing a significant shift as two exchanges, Coinone and DigitalX, have scrapped trading fees entirely. This move has led to a rapid increase in their market shares, with Coinone nearly doubling its share from 2.72% in August to 5.9% this month.

The combined market share of Coinone and DigitalX has expanded to about 7%, surpassing the previous range of 3%. This is particularly notable given that they previously held a relatively small portion of the market, with Upbit and Bithumb controlling more than 97%.

Bithumb's share, on the other hand, has slipped below 30%, dropping 4.97 percentage points from August to 29.31%. This decline is attributed to the zero-fee competition, which has attracted fee-sensitive investors away from Bithumb.