Korean Won Overtakes Dollar as Top Fiat Trading Pair Amid Recent Bitcoin Rally: Report

South Korea
Last updated:
Author
Jai Pratap
Author Categories
About Author

Jai serves as the Asia Desk Editor for Cryptonews.com, where he leads a diverse team of international reporters. Jai has over five years of experience covering the web3 industry.

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
south-korea
Source: Pexels

South Korean crypto traders are emerging as key influencers in driving Bitcoin price up by over 50%, reaching its highest price level in two years.

As per data compiled by CCData for November, Korean won surpassed the dollar, becoming the largest fiat trading pair in crypto for the first time, Bloomberg reported.

Korean won accounted for 42.8% of fiat trading activity in Bitcoin in November, outpacing the dollar.

Market Share of S.Korean Exchanges Increases

Excluding stablecoins and select trading pairs, CCData’s findings reveal a substantial increase in the market share of South Korean-based exchanges, rising to 12.9% in November compared to 5.2% at the beginning of the year.

Particularly, platforms like Upbit have contributed significantly to the surge in trading activity on centralized exchanges in the East Asian nation.

The surge in trading activity aligns with a broader uptick in overall trading volume throughout October and November.

This surge in the digital asset market coincides with a sense of optimism surrounding the potential approval of U.S. exchange-traded funds to hold digital assets.

South Korea Remains on Top Despite Setbacks

South Korea, renowned for its robust blockchain and crypto community, has weathered challenges, including the collapse of Terra in May 2022, led by Terraform Labs co-founder Do Kwon.

Despite setbacks, the nation remains a focal point for many crypto firms eyeing substantial opportunities, particularly as regulatory challenges intensify in the United States.

The data suggests that South Korean traders are not only contributing significantly to the surge in the market but also diversifying their influence across various digital assets.

As reported earlier, analysts from the South Korea-founded blockchain data platform CryptoQuant revealed that traders in South Korea are particularly responsible for the escalating trading volume of altcoins.

More Articles

Price Analysis
Is Bitcoin’s Supercycle Still Alive? Economist Says BTC Could Be Set for a Massive Surge
Arslan Butt
Arslan Butt
2025-02-12 10:33:11
Altcoin News
Goldman Sachs Ramps Up Ether ETF Holdings by 2,000% as Bitcoin ETF Stash Surpasses $1.5B in Q4 2024
Ruholamin Haqshanas
Ruholamin Haqshanas
2025-02-12 07:27:13
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors