South Korean Crypto Craze Driven by Altcoin Interest, According to Report
A recent report suggests that the growing interest in alternative cryptocurrencies, or altcoins, is fueling the crypto craze in South Korea. The report, published by blockchain market consultancy DeSpread and covered by South Korean media outlet Kyunghyang Games, highlights altcoin preference as a key feature of the country’s virtual currency market.
According to the report, users of domestic crypto exchanges in South Korea primarily trade in altcoins rather than Bitcoin (BTC) or Ethereum (ETH). This altcoin preference is said to have a significant influence on major global altcoin markets with large market capitalization.
The report points out that on August 5, 2023, 90% of the global trading volume of Stacks (STX) occurred on domestic crypto exchanges. Similarly, at various times, 60% of the global trading volume of the NFT marketplace token Blur (BLUR) originated from South Korea.
In addition to altcoin interest, the report also highlights the increasing adoption of cryptocurrencies in South Korea. Search engine data indicates that South Koreans were more likely to search for crypto-related terms compared to users in the US and Japan in 2023. South Koreans were particularly interested in the term “코인” (coin), which mainly refers to altcoins in the country.
Furthermore, the report reveals that mentions of the South Korean crypto market have been on the rise in overseas media websites. The authors note that there has been a steady increase in South Korean crypto news since 2021, with a significant surge in coverage in 2022 centered around Do Kwon and the Terra ecosystem. Recently, the focus has shifted to the overall crypto ecosystem, including South Korean government regulations.
The report suggests that the South Korean crypto craze shows no signs of slowing down, as the country continues to drive the global altcoin market and attract attention from both domestic and international investors.
