Altcoin interest may be the driving factor as South Korean interest in alternative cryptoassets continues to rise, a new report has claimed.
Per the South Korean media outlet Kyunghyang Games, the findings were published in a report on the nation’s crypto community by the blockchain market consultancy DeSpread.
The report’s authors noted that “altcoin preference� is “one of the main features of the domestic virtual currency market.�
They added that “users of domestic crypto exchanges mainly trade in altcoins, rather than Bitcoin (BTC) or Ethereum (ETH).�
Top trading pairs on the South Korean Bithumb crypto exchange on May 27. (Source: CoinGecko)
South Korean Altcoin Interest 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 the global trading volume of Stacks (STX) took place “on domestic crypto exchanges.�
The firm added that at various times, 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)
Crypto Adoption Showing No Signs of Slowdown?
The report also noted that search engine data showed that South Koreans were more likely to search the web for crypto-related terms than people in the US and Japan in 2023.
While Americans and Japanese users were more likely to search the web for stocks-related terms, South Koreans were more likely to search for the term “코��(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 web users in the US and Japan.
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— The Korea Times (@koreatimescokr) May 21, 2024
The report also found that “mentions of the South Korean crypto market� were increasing on overseas media websites.
The authors said there had been a “steady increase� in South Korean crypto news “since 2021.�
They noted a sharp rise in South Korea-related coverage in 2022, when reporting “centered on [Do Kwon]� and the Terra ecosystem.
News reports have since “shifted focus to the overall crypto ecosystem, including South Korean government regulations,� the authors concluded.
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