Altcoins
Altcoin Interest Driving South Korean Cryptocurrency Craze – Report
Last updated: May 27, 2024, 7:30 p.m. EDT | 1 minute reading
Interest in Altcoin could be the driving factor, as South Korea’s interest in alternative cryptoassets continues to rise, according to a new report.
According to the South Korean media Kyung Yang GamesThe findings were published in a report on the country’s crypto community by blockchain market consultancy DeSpread.
The authors of the report noted that the “preference for altcoins” is “one of the main characteristics of the domestic virtual currency market.”
They added that “users of crypto exchanges mainly trade altcoins, rather than Bitcoin (BTC) Or Ethereum (ETH).”
South Korean interest in Altcoin continues to rise?
The report’s authors noted that “the influence of the South Korean market” was “noticeable” in “major global altcoin markets with relatively large market capitalization.”
DeSpread noted that on August 5, 2023, 90% of Stacks (STX)’s global trading volume took place “on domestic crypto exchanges.”
The company added that at different times, 60% of the global trading volume of the NFT market token Blur (BLUR) is from South Korea.
Crypto adoption shows no signs of slowing down?
The report also noted that search engine data showed that South Koreans were more likely to search the web for crypto-related terms than Americans and Japanese in 2023.
While American and Japanese users were more likely to search the web for terms related to stocks, South Koreans were more likely to search for the term “코인” (literally “coin”). In South Korea, this term is mainly used to refer to altcoins.
Proportionally, South Koreans were also more likely to search for “Bitcoin” in 2023 than internet users in the United States and Japan.
Forbes Ranks Upbit 4th Most Trusted Crypto Exchange in the Worldhttps://t.co/78524kFz5S
– The Korea Times (@koreatimescokr) May 21, 2024
The report also reveals that “mentions of the South Korean crypto market” are increasing on foreign media websites.
The authors said there has been a “steady increase” in South Korean crypto news “since 2021.”
They noted a sharp increase in media coverage related to South Korea in 2022, with stories “focused on [Do Kwon]» and the Terra ecosystem.
Reports have since “shifted their focus to the overall crypto ecosystem, including South Korean government regulations,” the authors concluded.