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Interest in altcoins may be a key factor as the enthusiasm for alternative cryptoassets in South Korea continues to grow, according to a recent report.
As reported by the South Korean media outlet Kyunghyang Games, these findings were included in a study on the country’s cryptocurrency community conducted by the blockchain market consultancy DeSpread.
The authors of the report highlighted that “altcoin preference” is “one of the primary characteristics of the domestic virtual currency market.”
They further stated that “users of local crypto exchanges predominantly engage in trading altcoins, rather than Bitcoin (BTC) or Ethereum (ETH).”
Top trading pairs on the South Korean Bithumb crypto exchange on May 27. (Source: CoinGecko)
Is South Korean Altcoin Interest on the Rise?
The authors of the report observed that “the impact of the South Korean market” was “evident” in “major global altcoin markets with relatively significant market capitalization.”
DeSpread pointed out that on August 5, 2023, 90% of the global trading volume of Stacks (STX) occurred “on domestic crypto exchanges.”
The firm also mentioned that at various intervals, 60% of the global trading volume of the NFT marketplace token Blur (BLUR) has originated from South Korea.
Top trading pairs on the South Korean Coinone crypto exchange on May 27. (Source: CoinGecko)
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The report also indicated that search engine data revealed South Koreans were more inclined to search for crypto-related terms compared to individuals in the US and Japan in 2023.
While users in the US and Japan were more likely to search for stock-related terms, South Koreans showed a greater tendency to search for the term “코인” (which translates to “coin”). In South Korea, this term is primarily associated with altcoins.
In relative terms, South Koreans were also more likely to search for “Bitcoin” in 2023 than web users in the US and Japan.
Forbes ranks Upbit as world’s 4th most trustworthy crypto exchangehttps://t.co/78524kFz5S
— The Korea Times (@koreatimescokr) May 21, 2024
The report further noted that “mentions of the South Korean crypto market” have been increasing on international media platforms.
The authors indicated that there has been a “consistent rise” in South Korean crypto news “since 2021.”
They observed a significant increase in coverage related to South Korea in 2022, when reporting “focused on [Do Kwon]” and the Terra ecosystem.
Since then, news reports have “shifted their focus to the broader crypto ecosystem, including South Korean government regulations,” the authors concluded.
The post Altcoin Interest Driving South Korean Crypto Craze – Report appeared first on Cryptonews.
