According to Bloomberg, the influence of South Korean cryptocurrency traders seems to be increasing in the recent surge. Data compiled by digital asset data company CCData shows that in November, the Korean won surpassed the US dollar for the first time, becoming the largest fiat currency pair in cryptocurrency trading, excluding stablecoin trading volume (currently the largest stablecoin trading pair).
According to CCData, the Korean won accounted for 42.8% of the Bitcoin fiat currency trading activity in November. From September to now, the Korean won’s market share has increased by about 17%, reaching approximately 41%, while the US dollar’s market share has decreased by 11%, accounting for about 40% of trading activity.
Related reports:
“South Korea’s Cryptocurrency Culture: Why Do Koreans Like Cryptocurrencies But Dislike DeFi?”
“The Truth Behind the Frenzy: Data Reveals the Real Face of the South Korean Cryptocurrency Market”