Discover why South Korea’s crypto market stands out with a penchant for altcoins, local exchange dominance, and distinct network preferences.
South Korean traders have a strong preference for altcoins and are less enthusiastic about major tokens South Korea has seen a surge in crypto trading activity. Local exchanges have outperformed their global counterparts in terms of trading volume. According to aby DeSpread Research, approximately 6 million South Koreans have become crypto investors this year. This accounts for almost 10% of the population. The majority of these investors are actively trading on centralized exchanges. Thus, indicating the significant influence of such platforms in the Korean crypto market.sideways price movement.
Furthermore, the report revealed that South Korean traders favor using Tron’s network for their transactions due to its relatively lower transaction fees. This preference for Tron’s network is another example of how South Korea’s crypto market deviates from global norms. While South Korean exchanges have experienced a notable recovery in trading volume, the report noted that South Korean traders still tend to use overseas platforms for storing their digital assets. A September report from South Korea’s national tax service indicated that South Koreans hold approximately $99 billion in digital assets stored overseas.Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times.