A new report by the blockchain market consultancy DeSpread has found that altcoin interest is on the rise in South Korea, with users on domestic crypto exchanges mainly trading in altcoins rather than Bitcoin or Ethereum. The report also highlighted the influence of the South Korean market on major global altcoin markets, with significant trading volumes originating from South Korea for altcoins such as Stacks (STX) and Blur (BLUR). This trend indicates a growing interest in alternative cryptoassets among South Korean investors.
The report also pointed out that South Koreans have shown a higher interest in cryptocurrency compared to other countries, with search engine data revealing that South Koreans were more likely to search for crypto-related terms such as “코인” (coin) than Americans or Japanese users. Additionally, South Koreans were more likely to search for “Bitcoin” in 2023 than web users in the US and Japan, indicating a strong appetite for cryptocurrencies in the country. The increasing interest in cryptoassets is reflected in the growing mentions of the South Korean crypto market on overseas media websites.
According to the report, there has been a steady increase in South Korean crypto news coverage since 2021, with a sharp rise in coverage in 2022 centered on Do Kwon and the Terra ecosystem. News reports have since shifted focus to the overall crypto ecosystem, including South Korean government regulations, indicating a broader interest in the industry beyond individual projects or personalities. This suggests that South Korea’s crypto market is gaining recognition on a global scale, with overseas media outlets increasingly covering developments in the country’s crypto industry.
The report also highlighted the role of domestic crypto exchanges in facilitating altcoin trading among South Korean users, with platforms like Upbit gaining recognition for their credibility and reliability. Forbes has ranked Upbit as the world’s 4th most trustworthy crypto exchange, further solidifying its position in the global market. Upbit’s reputation for security and transparency has contributed to its popularity among South Korean traders seeking a reliable platform for altcoin trading. The exchange’s success reflects the growing interest in cryptocurrencies in South Korea and the increasing demand for alternative cryptoassets.
Overall, the report suggests that altcoin interest is continuing to rise in South Korea, driven by a preference for alternative cryptoassets among domestic users. The country’s influence on major global altcoin markets, as well as its high level of interest in cryptocurrency compared to other countries, indicates a growing trend towards diversification in the crypto space. With reputable exchanges like Upbit leading the way in providing a reliable platform for altcoin trading, South Korea is establishing itself as a key player in the global crypto market. As the industry continues to evolve and gain mainstream acceptance, South Koreans are likely to play an increasingly important role in shaping the future of cryptocurrencies.
