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Altcoin Interest in South Korea
Altcoin interest is on the rise in South Korea, according to a recent report by blockchain market consultancy DeSpread. The report highlights the growing preference for alternative cryptoassets in the domestic virtual currency market.
Key Findings
- Users of domestic crypto exchanges in South Korea are more inclined to trade in altcoins rather than Bitcoin or Ethereum.
- The influence of the South Korean market is significant in major global altcoin markets with large market capitalization.
Trading Trends
On August 5, 2023, 90% of the global trading volume of Stacks (STX) occurred on domestic crypto exchanges in South Korea. Similarly, at various times, 60% of the global trading volume of the NFT marketplace token Blur (BLUR) originated from South Korea.
Crypto Adoption in South Korea
Search engine data indicates a high interest in crypto-related terms among South Koreans compared to users in the US and Japan. South Koreans are particularly interested in altcoins, as evidenced by their frequent searches for the term “코인” (coin).
Web Search Trends
- South Koreans are more likely to search for “Bitcoin” compared to users in the US and Japan.
- Searches for crypto-related terms have surpassed searches for stocks-related terms in South Korea.
Media Coverage and Trends
Overseas media websites are increasingly mentioning the South Korean crypto market. Since 2021, there has been a steady rise in South Korean crypto news, with a significant increase in coverage in 2022 focusing on figures like Do Kwon and the Terra ecosystem.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
