Altcoin interest in South Korea is on the rise, according to a new report by the blockchain market consultancy DeSpread. The report highlights the preference for alternative cryptoassets over Bitcoin and Ethereum among users of domestic crypto exchanges. Altcoin trading pairs dominate on platforms like Bithumb and Coinone, showcasing the influence of the South Korean market in global altcoin markets.
DeSpread found that a significant portion of the global trading volume for certain altcoins, such as Stacks (STX) and Blur (BLUR), originates from South Korean exchanges. This trend indicates a growing interest in altcoins within the country’s crypto community. Search engine data also reflects the high level of interest in cryptocurrency among South Koreans, with more searches for crypto-related terms compared to the US and Japan. The term “코인” (coin) is commonly used to refer to altcoins in South Korea.
The report also highlights the increasing mentions of the South Korean crypto market in overseas media websites. Since 2021, there has been a steady increase in coverage of the South Korean crypto industry, with a notable spike in 2022. Coverage initially focused on individuals like Do Kwon and the Terra ecosystem but has since shifted to include government regulations and the overall crypto ecosystem in South Korea. This suggests a growing recognition of the country’s role in the global crypto landscape.
Forbes recently ranked Upbit, a popular South Korean crypto exchange, as the world’s 4th most trustworthy exchange. This recognition further solidifies South Korea’s position as a key player in the crypto market. With the ongoing interest in altcoins and the increasing visibility of the South Korean crypto market, it appears that crypto adoption in the country is showing no signs of slowing down. As more users turn to alternative cryptoassets and the government continues to regulate the industry, South Korea is poised to remain a significant player in the global crypto economy.