Introduction
In the past 100 days, South Korea has witnessed a significant surge in crypto trading activity. The country's leading crypto exchanges, Upbit and Bithumb, reported their highest trading volumes during the first week of January 2024. While South Korea's crypto assets command a noticeable premium, the most popular traded coins in this region differ from those found on global platforms like Binance and Coinbase. This report takes a detailed look at South Korea's top crypto pairs based on their trading volumes.
Unique Top Tokens in South Korea
As of January 15, 2024, the top five cryptocurrencies on Binance, in terms of trading volume, are BTC, ETH, SOL, XAI, and TIA. Similarly, Coinbase's top five tokens by volume include BTC, ETH, SOL, OP, and TIA.
While Binance and Coinbase are the largest crypto exchanges globally in terms of 24-hour trading volume, the local market in South Korea is dominated by Upbit and Bithumb. Upbit, in particular, holds a significant share of the country's aggregate crypto trading volume.
Ethereum Classic (ETC): South Korea's Favorite
Although the top five digital currencies traded on Binance and Coinbase show considerable similarity, ethereum classic (ETC) emerges as the top coin on Upbit. ETC enjoys immense popularity in South Korea, with data from cryptocompare.com indicating that 68.96% of ETC trades are conducted in Korean won.
Ethereum classic (ETC) also ranks fifth in terms of trading volume on Bithumb and holds the sixth position on Coinone. Additionally, ETC is currently trading at a 4.65% premium on Upbit, while BTC is marked at a 4.40% premium on the same exchange, compared to global exchange rates.
Top Cryptocurrencies on Upbit, Bithumb, and Coinone
On Upbit, the top five cryptocurrencies by trading volume are ETC, BTC, T, SUI, and SOL. Meanwhile, Bithumb's premier crypto assets include BTC, SOL, ETH, XRP, and ETC. Coinone's leading five are BTC, XRP, WEMIX, ETH, and SOL.
Notably, 80% of threshold network token (T) transactions are settled in Korean won, while 23.85% of SUI trades and 29.40% of all XRP swaps involve won settlements. Furthermore, 80.18% of WEMIX's market trades are also settled in won.
These exchanges, along with Korbit, contributed to 2.8% of global ETH swaps and 6.93% of all BTC swaps in the last day. Data indicates that trading volumes on Upbit and Bithumb started escalating towards the end of September 2023 and reached their peak in the first week of January. The daily trade volumes in January on both exchanges have surpassed any records set in 2023.
Growth Potential and Crypto Adoption in South Korea
Over the past six months, South Korea's digital currency trading market has experienced remarkable growth, with record-breaking trading volumes on its local exchanges. This trend is seen as a positive sign for the future of crypto adoption in the country, as traders diversify their portfolios beyond the usual leading pairs found on international platforms.
Conclusion
The surge in crypto trading volumes in South Korea, along with the difference in top coins compared to other international trading platforms, reflects the unique preferences of the local market. As South Korea continues to embrace cryptocurrencies, it will be interesting to see how this trend shapes the country's crypto landscape in the future.
What are your thoughts on the rising volumes in South Korea and the difference in top coins compared to other international platforms? Share your opinions in the comments section below.
Frequently Asked Questions
How much do gold IRA fees cost?
$6 per month is the Individual Retirement Account Fee (IRA). This includes account maintenance and any investment costs.
If you want to diversify, you may be required to pay extra fees. These fees vary depending on what type of IRA you choose. Some companies offer free check accounts, but charge monthly fee for IRA accounts.
A majority of providers also charge annual administration fees. These fees vary from 0% to 11%. The average rate is.25% annually. These rates can often be waived if a broker, such as TD Ameritrade, is involved.
How much of your portfolio should be in precious metals?
This question can only be answered if we first know what precious metals are. Precious Metals are elements that have a very high relative value to other commodities. This makes them extremely valuable for trading and investing. Today, gold is the most commonly traded precious metal.
However, many other types of precious metals exist, including silver and platinum. While gold's price fluctuates during economic turmoil, it tends to remain relatively stable. It is also unaffected significantly by inflation and Deflation.
In general, all precious metals have a tendency to go up with the market. But they don't always move in tandem with one another. For example, when the economy is doing poorly, the price of gold typically rises while the prices of other precious metals tend to fall. Investors are more likely to expect lower interest rates making bonds less attractive investments.
Contrary to this, when the economy performs well, the opposite happens. Investors prefer safe assets such as Treasury Bonds and demand fewer precious metals. These precious metals are rare and become more costly.
You must therefore diversify your investments in precious metals to reap the maximum profits. Additionally, since the prices of precious metals tend to rise and fall together, it's best to invest in several different types of precious metals rather than just focusing on one type.
What precious metals can you invest in for retirement?
These precious metals are among the most attractive investments. Both are easy to sell and can be bought easily. You should add them to your portfolio if you are looking to diversify.
Gold: The oldest form of currency known to man is gold. It is stable and very secure. Because of this, it's considered a good way to preserve wealth during times of uncertainty.
Silver: Silver is a popular investment choice. It's a good choice for those who want to avoid volatility. Silver is more volatile than gold. It tends to rise rather than fall.
Platinium is another precious metal that is becoming increasingly popular. It's like silver or gold in that it is durable and resistant to corrosion. It is however more expensive than its counterparts.
Rhodium: The catalytic converters use Rhodium. It's also used in jewelry making. It is also quite affordable compared with other types of precious metals.
Palladium: Palladium, which is a form of platinum, is less common than platinum. It is also cheaper. It is a preferred choice among investors who are looking to add precious materials to their portfolios.
How does gold perform as an investment?
Gold's price fluctuates depending on the supply and demand. Interest rates are also a factor.
Due to the limited supply of gold, prices for gold are highly volatile. You must also store physical gold somewhere to avoid the risk of it becoming stale.
Can the government take your gold
The government cannot take your gold because you own it. You have earned it by working hard for it. It belongs entirely to you. However, there may be some exceptions to this rule. You can lose your gold if you have been convicted for fraud against the federal governments. Additionally, your precious metals may be forfeited if you owe the IRS taxes. However, even if you don't pay your taxes, your gold can be kept as property of the United States Government.
Statistics
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
External Links
law.cornell.edu
- 7 U.S. Code SS7 – Designation board of trade as contract marketplaces
- 26 U.S. Code SS 408 – Individual retirement plans
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear In 90 – WSJ
- Do you want to keep your IRA gold at home? It's Not Exactly Lawful – WSJ
finance.yahoo.com
bbb.org
How To
The History of Gold as an Asset
From the ancient days to the early 20th Century, gold was a common currency. It was accepted worldwide and became popular due to its durability, purity, divisibility, uniformity, scarcity, and beauty. It was also traded internationally due to its high value. Different weights and measurements existed around the world, however, because there were not international standards to measure gold. For example in England, a pound sterling equals 24 carats. In France, a livre tournois equals 25. Carats of golden. Germany had one mark which equals 28. Carats.
In the 1860s the United States began issuing American currency made up 90% copper (10% zinc) and 0.942 gold (0.942 pure). The result was a decrease in foreign currency demand, which led to an increase in their price. At this point, the United States minted large amounts of gold coins, causing the price of gold to drop. The U.S. government needed to find a solution to their debt because there was too much money in circulation. To do so, they decided to sell some of the excess gold back to Europe.
Many European countries began accepting gold in exchange for the dollar because they did not trust it. However, many European nations stopped using gold to pay after World War I and started using paper currency instead. The price of gold has risen significantly since then. Even though gold's price fluctuates, it is still one of the most secure investments you could make.
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By: Jamie Redman
Title: The Rise of Crypto Trading Volumes in South Korea
Sourced From: news.bitcoin.com/south-koreas-crypto-volumes-peak-in-2024-as-upbit-and-bithumb-dominate-local-market/
Published Date: Mon, 15 Jan 2024 16:30:43 +0000
