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After a prolonged lull, South Korea's cryptocurrency market has experienced explosive growth in late July, with both trading volume and prices skyrocketing. Upbit's daily trading volume exceeded $10.2 billion, while Bithumb followed closely behind, demonstrating market enthusiasm far surpassing global averages.
Upbit recorded a 24-hour trading volume of $10.2 billion (+94.5%), solidifying its position as South Korea's top exchange.
Bithumb saw trading volume surpass $3.2 billion (+61.5%), steadily expanding its market share.
Stablecoin trading volume across South Korea's top five exchanges (Upbit, Bithumb, Coinone, Cobbit, Gopax) reached 2.226 trillion KRW (~$1.62 billion) between July 13-19.
South Korean exchanges' liquidity advantage has made them a key indicator for global crypto markets, particularly in their outsized influence on altcoins.
XRP surged from $2.60 to $3.00 within hours on July 11, with
On July 18, XRP broke through $3.60, hitting a six-month high, and currently stabilizes around $3.16, accounting for $2.28 billion of Upbit's trading volume and remaining the platform's top-traded asset.
SAHARA (an AI-themed token) posted single-day gains of 86%, with 43.56% of its trading volume coming from Upbit.
NEWT (Newton Protocol) rose 70% in 24 hours, with 57.07% of spot trading occurring on Upbit.
South Korean retail investors' preference for high-risk, high-volatility tokens far exceeds international markets, creating a unique "Kimchi Premium" phenomenon.
Bithumb's listings of LISTA and MERL drove the tokens up 33.97% and 20.53% respectively, reaching six-month highs.
So far in 2025, South Korea's top five exchanges have listed 229 KRW trading pairs, accounting for 85.44% of last year's total listings, including:
Upbit: 37 new listings (vs. 35 in 2024)
Bithumb: 84 new listings (vs. 82 in 2024).
The market expects this year to potentially become the most active for new listings in five years.
XRP, SAHARA, and other tokens have experienced short-term pullbacks exceeding 10%, triggering waves of contract liquidations.
Analysts at CryptoQuant warn that South Korean retail investors' FOMO (fear of missing out) psychology could lead to irrational investments and amplify market volatility.
Tighter regulations are emerging as financial authorities increase scrutiny on exchanges to prevent market manipulation and money laundering risks.
Short-term outlook: Abundant liquidity and fervent retail participation suggest the rally may continue.
Long-term outlook: Regulatory policies, global capital flows, and market sentiment will determine the sustainability of South Korea's crypto boom.
Investor caution advised: High rewards come with high risks—particularly the extreme volatility of altcoins may lead to significant losses.
(Data as of July 24, 2025)
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