Key Takeaways:
Over 30% of South Korea’s population, about 15.6 million people, are now investing in cryptocurrency. This marks significant growth.The total crypto assets of South Koreans have reached $79 billion. Daily trading volumes match the domestic stock market.The surge in crypto investors in November 2024 is linked to the U.S. presidential election results.
The crypto market in South Korea is booming. Public interest is soaring. Investor numbers have skyrocketed. Asset values and trading volumes have hit impressive levels. This article gives a detailed look at South Korea’s current crypto market. It explains why the market is booming and what challenges lie ahead.
Crypto Investors Exceed 15 Million
The number of cryptocurrency investors in South Korea reached 15.59 million. (data from the Bank of Korea). That’s more than 30% of the population.
Number of crypto investors in South Korea (2024):
July: 14.74 millionAugust: 14.82 millionSeptember: 14.88 millionOctober: 14.98 millionNovember: 15.59 million
South Korea’s market. Source: Yonhap News
This sharp increase is seen across the five largest crypto exchanges in South Korea: Upbit, Bithumb, Coinone, Korbit, and GOPAX. This shows that cryptocurrency is becoming mainstream. It is spreading beyond a small group of enthusiasts to the wider public.
Asset Values and Trading Volumes Skyrocket
The rise in investor numbers is matched by a significant increase in the value of crypto assets held by South Koreans. The total value of these assets reached 102.6 trillion won (about $79 billion) by November.
Daily trading volume:
Averaged 14.9 trillion won. This surpasses the combined volumes of the KOSPI and KOSDAQ stock markets.Deposits into exchanges rose from 4.9 trillion won in July to 8.8 trillion won by the end of November. This shows investor confidence in the market.
The simultaneous rise in asset values and trading volumes shows a highly dynamic crypto market in South Korea.
More News: Bitcoin Hits $100,000 – Sets an All-Time High Record
Factors Behind the Crypto Market Boom
Several factors are driving the strong growth of South Korea’s cryptocurrency market:
New user protection laws: The Virtual Asset User Protection Act, effective from July 2024, has increased investor confidence. It mandates that exchanges must safeguard users’ assets.U.S. presidential election impact: The U.S. presidential election in November 2024, which Donald Trump won, has raised hopes for more crypto-friendly policies in the U.S. This has spurred interest from South Korean investors.Bitcoin price rise: Bitcoin prices surged in November, from around 100 million KRW to over 135 million KRW. This has drawn more people into the market.
