Home web3.0 Kaiko Report: South Korea's Cryptocurrency Market Hits Two-Year High in Q1, South Korean Won Overtakes USD on This Metric

Kaiko Report: South Korea's Cryptocurrency Market Hits Two-Year High in Q1, South Korean Won Overtakes USD on This Metric

Apr 21, 2024 pm 02:01 PM
cryptocurrency exchange kaiko cryptocurrency market won

Kaiko Report: South Koreas Cryptocurrency Market Hits Two-Year High in Q1, South Korean Won Overtakes USD on This Metric

According to data from Kaiko, the growing dominance of the South Korean won (KRW) is partly due to intense fee competition among South Korean cryptocurrency exchanges.

The South Korean cryptocurrency market has seen a recent surge in trading volume, reaching a high not seen in more than two years.

According to the Kaiko report, the first quarter of 2024 marked an important milestone as the cumulative trade volume of South Korea’s won (KRW) surpassed that of the U.S. dollar (USD).

Shifts in Competition and Market Dynamics

The surge in trading activity comes amid fierce competition among Korean exchanges and changing market dynamics.

Upbit is a major player in South Korea’s cryptocurrency space, having dominated since the beginning of 2021, with an average market share of 82% over the past three years.

However, especially during the recent bull market, the market landscape has become increasingly competitive. Competitors like Bithumb and Korbit have stepped up their efforts to gain market share, with Bithumb’s zero-fee policy launched in October 2023 having a particularly significant impact.

Despite a 60% drop in annual revenue in 2023, Bithumb tripled its market share within months of implementing its zero-fee strategy. Korbit maintains a relatively low market share, averaging less than 1% throughout 2024.

Strategies adopted by companies such as Bithumb led to a surge in trading volume, resulting in the Korean won’s cumulative trading volume surpassing that of the U.S. dollar in early March.

However, this achievement did not last as the South Korean won’s trading volume experienced a decline in early April. Nonetheless, Kaiko believes that Hong Kong’s recent approval of spot BTC and ETH ETFs could serve as a potential catalyst for a revival of market sentiment in the Asia-Pacific region.

Regulatory Review and MarketShift

Meanwhile, Uniswap Labs disclosed on April 10 that it had received a Wells Notice from the U.S. Securities and Exchange Commission (SEC). The announcement caused the UNI token price to drop by more than 16%, and trading volume surged by 3,000%.

In the United States, Coinbase expanded its market share, in contrast to Binance.US, which suffered a decline due to legal issues following an SEC lawsuit last June. Binance.US now has a market share of just 0.28%, a significant drop from its market share of over 30% last year.

Kaiko also reported that last week, the 90-day correlation between BTC and the US Dollar Index (DXY) fell to -0.24, hitting its lowest point in over a year.

The dollar has strengthened due to an unexpected surge in inflation and escalating tensions in the Middle East. However, unlike traditional safe-haven assets, BTC did not attract investor interest during this period and instead experienced declines along with other risk assets.

The above is the detailed content of Kaiko Report: South Korea's Cryptocurrency Market Hits Two-Year High in Q1, South Korean Won Overtakes USD on This Metric. For more information, please follow other related articles on the PHP Chinese website!

Statement of this Website
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn

Hot AI Tools

Undresser.AI Undress

Undresser.AI Undress

AI-powered app for creating realistic nude photos

AI Clothes Remover

AI Clothes Remover

Online AI tool for removing clothes from photos.

Undress AI Tool

Undress AI Tool

Undress images for free

Clothoff.io

Clothoff.io

AI clothes remover

AI Hentai Generator

AI Hentai Generator

Generate AI Hentai for free.

Hot Article

R.E.P.O. Energy Crystals Explained and What They Do (Yellow Crystal)
2 weeks ago By 尊渡假赌尊渡假赌尊渡假赌
Repo: How To Revive Teammates
4 weeks ago By 尊渡假赌尊渡假赌尊渡假赌
Hello Kitty Island Adventure: How To Get Giant Seeds
4 weeks ago By 尊渡假赌尊渡假赌尊渡假赌

Hot Tools

Notepad++7.3.1

Notepad++7.3.1

Easy-to-use and free code editor

SublimeText3 Chinese version

SublimeText3 Chinese version

Chinese version, very easy to use

Zend Studio 13.0.1

Zend Studio 13.0.1

Powerful PHP integrated development environment

Dreamweaver CS6

Dreamweaver CS6

Visual web development tools

SublimeText3 Mac version

SublimeText3 Mac version

God-level code editing software (SublimeText3)

gate.io registration tutorial gate.io registration tutorial Mar 31, 2025 pm 11:09 PM

This article provides a detailed Gate.io registration tutorial, covering every step from accessing the official website to completing registration, including filling in registration information, verifying, reading user agreements, etc. The article also emphasizes security measures after successful registration, such as setting up secondary verification and completing real-name authentication, and gives tips from beginners to help users safely start their digital asset trading journey.

ok official portal web version ok exchange official web version login portal ok official portal web version ok exchange official web version login portal Mar 31, 2025 pm 06:24 PM

This article details how to use the official web version of OK exchange to log in. Users only need to search for "OK ​​Exchange Official Web Version" in their browser, click the login button in the upper right corner after entering the official website, and enter the user name and password to log in. Registered users can easily manage assets, conduct transactions, deposit and withdraw funds, etc. The official website interface is simple and easy to use, and provides complete customer service support to ensure that users have a smooth digital asset trading experience. What are you waiting for? Visit the official website of OK Exchange now to start your digital asset journey!

okx Ouyi Exchange web version enter link click to enter okx Ouyi Exchange web version enter link click to enter Mar 31, 2025 pm 06:21 PM

1. Enter the web version of okx Euyi Exchange ☜☜☜☜☜☜ Click to save 2. Click the link of okx Euyi Exchange app ☜☜☜☜ Click to save 3. After entering the official website, the clear interface provides a login and registration portal. Users can choose to log in to an existing account or register a new account according to their own situation. Whether it is viewing real-time market conditions, conducting transactions, or managing assets, the OKX web version provides a simple and smooth operating experience, suitable for beginners and veterans. Visit OKX official website now for easy experience

The latest registration tutorial for gate.io web version The latest registration tutorial for gate.io web version Mar 31, 2025 pm 11:15 PM

This article provides a detailed Gate.io web version latest registration tutorial to help users easily get started with digital asset trading. The tutorial covers every step from accessing the official website to completing registration, and emphasizes security settings after registration. The article also briefly introduces other trading platforms such as Binance, Ouyi and Sesame Open Door. It is recommended that users choose the right platform according to their own needs and pay attention to investment risks.

What are the recommended websites for virtual currency app software? What are the recommended websites for virtual currency app software? Mar 31, 2025 pm 09:06 PM

This article recommends ten well-known virtual currency-related APP recommendation websites, including Binance Academy, OKX Learn, CoinGecko, CryptoSlate, CoinDesk, Investopedia, CoinMarketCap, Huobi University, Coinbase Learn and CryptoCompare. These websites not only provide information such as virtual currency market data, price trend analysis, etc., but also provide rich learning resources, including basic blockchain knowledge, trading strategies, and tutorials and reviews of various trading platform APPs, helping users better understand and make use of them

Top 10 of the formal Web3 trading platform APP rankings (authoritatively released in 2025) Top 10 of the formal Web3 trading platform APP rankings (authoritatively released in 2025) Mar 31, 2025 pm 08:09 PM

Based on market data and common evaluation criteria, this article lists the top ten formal Web3 trading platform APPs in 2025. The list covers well-known platforms such as Binance, OKX, Gate.io, Huobi (now known as HTX), Crypto.com, Coinbase, Kraken, Gemini, BitMEX and Bybit. These platforms have their own advantages in user scale, transaction volume, security, compliance, product innovation, etc. For example, Binance is known for its huge user base and rich product services, while Coinbase focuses on security and compliance. Choosing a suitable platform requires comprehensive consideration based on your own needs and risk tolerance.

What is Ouyi for? What is Ouyi What is Ouyi for? What is Ouyi Apr 01, 2025 pm 03:18 PM

OKX is a global digital asset trading platform. Its main functions include: 1. Buying and selling digital assets (spot trading), 2. Trading between digital assets, 3. Providing market conditions and data, 4. Providing diversified trading products (such as derivatives), 5. Providing asset value-added services, 6. Convenient asset management.

gate.io latest registration tutorial for beginners gate.io latest registration tutorial for beginners Mar 31, 2025 pm 11:12 PM

This article provides newbies with detailed Gate.io registration tutorials, guiding them to gradually complete the registration process, including accessing the official website, filling in information, identity verification, etc., and emphasizes the security settings after registration. In addition, the article also mentioned other exchanges such as Binance, Ouyi and Sesame Open Door. It is recommended that novices choose the right platform according to their own needs, and remind readers that digital asset investment is risky and should invest rationally.