The South Korean influence on the digital asset market has grown significantly, with the country’s market share of exchanges rising to 12.9% in November, according to Bloomberg. South Korean traders have had a significant impact on the increase in the digital asset market volume. The market share of South Korean exchanges rose to 12.9% in November from 5.2% in January, with Upbit being a major contributor, according to digital asset data provider CCData.
Apart from Bitcoin, the leading cryptocurrency, smaller digital currencies such as Solana and Avalanche have seen significant gains. South Korean traders, lacking access to the futures market, have shown particular interest in alternative currencies. This sector has witnessed higher trading volumes compared to other investment assets, according to cryptocurrency analytics company CryptoQuant. This is evidenced by the rise in local prices and increased commercial interest compared to the global average.
For example, Solana (SOL) received significant attention in South Korea amid its recent surge. In related news, Bithumb, a prominent cryptocurrency exchange in South Korea, plans to go public in the second half of 2025. It aims to list on Kosdaq, the South Korean version of a stock exchange. This move, which would be the first initial public offering of a Korean cryptocurrency exchange, is part of the company’s strategy to capture market share from its main competitor, Upbit.