In the first three months of this year, the South Korean won surpassed the U.S. dollar to become the most used currency in cryptocurrency transactions.
According to Kaiko, the Korean won accounted for more than $456 billion in cryptocurrency trading volume during the quarter, closely followed by the U.S. dollar at $455 billion.
The third most popular fiat currency is the Euro, with a trading volume of $59 billion.
South Korea is one of the most active cryptocurrency markets in the world. In March, the country’s cryptocurrency market briefly surpassed stock market trading volume, setting a record.
Competition among cryptocurrency exchanges is heating up in South Korea, where a fierce “fee war” has pushed cryptocurrency trading volumes in the market to a two-year high.
Competition in the Korean market is heating up. In this week’s data analysis, we explore:
South Korea’s Fee War
Market Reactions to Uniswap Labs Wells Notice
Coinbase’s growing dominance
etc….
https://t.co/pVQvJfZIlS
— Kaiko (@KaikoData)
April 15, 2024
Upbit is the leading cryptocurrency exchange in South Korea, capturing a market share of 82% over the past three years.
But the zero-fee campaigns launched by Bithumb and Korbit threaten Upbit’s dominance.
Bithumb’s market share has tripled since it launched its zero-fee policy in October last year, a campaign that ended in February amid falling revenues.
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