South Korea’s cryptocurrency market is experiencing dynamic days. Bithumb has challenged the long-standing dominance of Upbit, reaching a temporary market share peak of 72%. This level was achieved during a period of increased crypto trading activity across the country. Moreover, this success is seen as a result of Bithumb’s aggressive strategies and accomplishments.
The Rivalry Between Bithumb and Upbit
Looking at the dynamics of the cryptocurrency market and competitive strategies, it is evident that Bithumb and Upbit are leading the crypto trading scene in South Korea. Both exchanges have seen significant increases in trading volumes recently, intensifying their competition. According to data from Kaiko, Bithumb’s achievement of a 72% market share, surpassing Upbit, stands out as a remarkable success. This impressive development is particularly striking considering the increase in Bithumb’s Bitcoin trading volume.
However, it is necessary to mention that Bithumb has faced some challenges in its efforts to expand its market share. In particular, a failed agreement with KB Kookmin Bank for real-name account transactions has emerged as one of the hurdles for the exchange. This agreement is especially crucial for trading in Korean Won and is also a necessary step to meet regulatory requirements. Such regulatory challenges demonstrate how complex it can be to operate under the strict regulations of South Korea’s cryptocurrency market.
Growth Continues in the Crypto Market Despite Challenges
Despite these obstacles, Bithumb’s determination to maintain growth and competitive strength continues. Specifically, its plan to enter KOSDAQ, South Korea’s securities exchange, in the second half of 2025, is considered a significant step towards the exchange’s future goals. However, the ability to achieve regulatory compliance and overcome operational difficulties will be critically important to reach these targets.
We are in a period where Bithumb has made significant gains in challenging Upbit during a volatile phase of the cryptocurrency market. However, the ability to handle regulatory and operational challenges in the coming period will be a crucial factor determining the exchange’s future success. It should also be noted that Bithumb’s implementation of a zero-fee policy for transaction fees has played a role in this success.
