Upbit Dominates Korean Crypto Exchange Market With 80% Market Share: Study

Upbit has solidified its position as a major player in the crypto exchange market in South Korea, boasting an impressive 80% market share.

according to Recent research by Expansion.Upbit's market dominance has remained strong throughout the year, briefly dropping to 70% in August, then recovering to 80% the following month.

While Upbit leads the way, other major exchanges in South Korea, such as Bithumb, Coinone and Korbit, have made their mark despite their relatively small market share.

Bithumb, the second largest player in the market, maintains a strong position, accounting for 15 to 20% of the total trading volume between the four major exchanges.

Coinone has a market share of 3% to 5% while Corbit's share is less than 1%, which shows its limited market share.

Korean investors responded well to Ripple news

While BinanceThe world's largest cryptocurrency exchange, experienced a relatively stable trading volume in July, Korean exchanges witnessed an increase in trading volume following the news related to Ripple.

In May, A The US court gave support to Ripple According to the ongoing lawsuit brought by the SEC, selling XRP on exchanges is not an investment contract in itself.

“Offers and sales of XRP on digital asset exchanges do not constitute offers and sales of investment contracts,” the ruling by the District Court for the Southern District of New York said.

An 80% rise in XRP prices following Ripple's partial victory boosted trading volume on the four major Korean exchanges from $27 billion in June to $37 billion in July, a 37% month-on-month increase.

Look at the increased trading volume of Korean exchanges

While overall trading volumes in the central exchanges (CEX) declined, Korean exchanges were able to increase their market share and trading volume.

After reaching a peak of $45 billion in total trading volume in February, the volume declined, reaching $23 billion in May.

However, it showed an upward trend, reaching $37 billion in July. This growth shows the relative strength of Korean exchanges in the global market, surpassing Binance.

In fact, when comparing transaction volumes with Binance and Coinbase, the four major Korean exchanges have consistently shown high volume, indicating a strong presence in the global landscape.

During the year, compared to Binance, the market share of these exchanges showed a significant increase, rising from 7% in March to 16% in September.

This upward trend suggests the expansion of local exchanges in the cryptocurrency industry.

as a reportedSome senior public officials in South Korea's Gyeonggi Province recently announced the possession of cryptocurrency.