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Activity in the cryptocurrency markets worldwide picked up as Bitcoin (BTC) rallied past its previous December 2017 all-time high and even briefly touched about $24,000. Mirroring the global trend, South Korea’s crypto market daily trading volume likewise surged and has even increased by 25 times this year. It is even expected that the monthly trading volume for December could exceed 20 trillion won.
As of December 20, the daily cryptocurrency trading volume in South Korea has reached 3,145.3 billion won or around $2.84 billion, BusinessKorea reported. The value represents a massive 25 times increase in daily crypto volume since the start of 2020.
For comparison, the daily trading volume of Samsung Electronics on December 18 only reached 1,272.7 billion won ($1.15 billion) or around 60 percent of the crypto market’s trading volume. Samsung is one of the world’s largest electronics company and is known as Apple’s main competitor in the high-end mobile devices niche with its highly popular Galaxy line of smartphones and tablets.
South Korea’s cryptocurrency trading volume has been on the rise this year and has picked up steam along with the recent crypto market rally. Data from the country’s largest crypto exchange Bithumb revealed a 158 percent rise in monthly trading volume in the first eleven months of 2020.
From a total crypto trading volume of 6399.7 billion won ($5.77 billion) in January 2020, trading volume for November surged to 16,847 billion won ($15.18 billion). Crypto trading volume, which already reached 15,336.8 billion ($13.8 billion) for the first 17 days this month, is projected to exceed 20 trillion won ($18 billion) for the entire month of December 2020.
Researchers noted that the crypto market in South Korea has matured since 2017. “The South Korean cryptocurrency market is maturing compared to the frenzy in 2017,” Xangle said in a report. “There, investors are making decisions with various information and data and their speculative tendency is disappearing.”
The South Korean crypto market is the third-largest of its kind in the world. The country has a total of 77 cryptocurrency exchanges offering around 260 tradable assets to clients.
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