Key Takeaways:
Over 30% of South Korea’s inhabitants, about 15.6 million individuals, are actually investing in cryptocurrency. This marks important development.The overall crypto belongings of South Koreans have reached $79 billion. Day by day buying and selling volumes match the home inventory market.The surge in crypto traders in November 2024 is linked to the U.S. presidential election outcomes.
The crypto market in South Korea is booming. Public curiosity is hovering. Investor numbers have skyrocketed. Asset values and buying and selling volumes have hit spectacular ranges. This text offers an in depth take a look at South Korea’s present crypto market. It explains why the market is booming and what challenges lie forward.
Crypto Traders Exceed 15 Million
The variety of cryptocurrency traders in South Korea reached 15.59 million. (information from the Financial institution of Korea). That’s greater than 30% of the inhabitants.
Variety of crypto traders in South Korea (2024):
July: 14.74 millionAugust: 14.82 millionSeptember: 14.88 millionOctober: 14.98 millionNovember: 15.59 million
South Korea’s market. Supply: Yonhap Information
This sharp enhance is seen throughout the 5 largest crypto exchanges in South Korea: Upbit, Bithumb, Coinone, Korbit, and GOPAX. This reveals that cryptocurrency is changing into mainstream. It’s spreading past a small group of fans to the broader public.
Asset Values and Buying and selling Volumes Skyrocket
The rise in investor numbers is matched by a major enhance within the worth of crypto belongings held by South Koreans. The overall worth of those belongings reached 102.6 trillion gained (about $79 billion) by November.
Day by day buying and selling quantity:
Averaged 14.9 trillion gained. This surpasses the mixed volumes of the KOSPI and KOSDAQ inventory markets.Deposits into exchanges rose from 4.9 trillion gained in July to eight.8 trillion gained by the top of November. This reveals investor confidence out there.
The simultaneous rise in asset values and buying and selling volumes reveals a extremely dynamic crypto market in South Korea.
Extra Information: Bitcoin Hits $100,000 – Units an All-Time Excessive File
Components Behind the Crypto Market Increase
A number of elements are driving the robust development of South Korea’s cryptocurrency market:
New person safety legal guidelines: The Digital Asset Consumer Safety Act, efficient from July 2024, has elevated investor confidence. It mandates that exchanges should safeguard customers’ belongings.U.S. presidential election influence: The U.S. presidential election in November 2024, which Donald Trump gained, has raised hopes for extra crypto-friendly insurance policies within the U.S. This has spurred curiosity from South Korean traders.Bitcoin worth rise: Bitcoin costs surged in November, from round 100 million KRW to over 135 million KRW. This has drawn extra individuals into the market.
