The influence of South Korea on the cryptocurrency market has significantly increased, and the market share of cryptocurrency exchanges in the country rose to 12.9% in November.
According to Bloomberg, South Korean cryptocurrency investors have led to a significant increase in market volume. Data shows that cryptocurrency investors in the country have shown great interest, especially in altcoins.
South Korean Investors as the Driving Force of the Altcoin Rally
According to crypto data provider CCData, the market share of South Korean cryptocurrency exchanges increased from 5.2% in January of this year to 12.9% in November. The South Korean cryptocurrency exchange Upbit played a significant role in this rise.
Data shows that South Korean investors who do not have access to the futures market have a special interest in altcoins. According to crypto analysis company CryptoQuant, higher trading volumes are observed in this segment compared to other investment assets. For example, Solana achieved a significant “Kimchi premium” in South Korea during its recent rally. This indicates higher prices compared to the global average and a significant increase in trading interest.
Gaining significant gains along with Bitcoin (BTC), the largest cryptocurrency, popular altcoins like Solana (SOL) and Avalanche (AVAX) also benefited from the volume increase in countries like South Korea.
Bithumb Exchange Prepares for Initial Public Offering
As previously reported, Bithumb, one of South Korea’s leading cryptocurrency exchanges, is making serious preparations for an initial public offering in the second half of 2025. Bithumb aims to be listed on Kosdaq, South Korea’s version of Nasdaq.
While this move, which will be the first IPO of a South Korean cryptocurrency exchange, is part of the company’s strategy to reduce the market share of its main competitor, Upbit, similar moves from rival cryptocurrency exchanges are also expected.
