Upbit Dominates South Korea's Crypto Market with Record $1.04 Billion Spot Volume

South Korea's crypto market is experiencing a surge in trading activity, with Upbit leading the way. The exchange has recorded $1.04 billion in spot volume over a 24-hour period, surpassing its three closest domestic rivals combined.

The recent Bitcoin price rally to above $80,000 has given the market a boost, encouraging Korean traders to return to local exchanges. This is evident from Upbit's daily turnover, which briefly reached 4.61 trillion won on Saturday afternoon, nearly ten times higher than a week earlier.

Smaller exchanges are trying to compete with Upbit by waiving fees, but so far, results have been mixed. Coinone and Digital X (formerly Korbit) have attempted fee-free periods, but their trading volumes quickly returned to normal levels.