Upbit Surges Past Rivals as Bitcoin Rally Brings Korean Traders Back

Upbit, South Korea's leading cryptocurrency exchange, has seen its trading volume surge to $1.04 billion in just 24 hours, outpacing its closest rivals Bithumb, Coinone, and Korbit (now Digital X) combined.

This increase comes after Bitcoin rose past $80,000 for the first time since mid-May, encouraging Korean traders to return to local exchanges.

Upbit's daily turnover had been between 300 billion and 600 billion won prior to the rally but briefly reached 4.61 trillion won on Saturday afternoon, almost ten times higher than a week earlier.

Bithumb also cleared 2 trillion won in the same period.