Trading coins is better than trading stocks, South Korea's cryptocurrency trading volume is approaching the stock market trading volume.

The continuously rising Bitcoin price has reignited a cryptocurrency trading frenzy in South Korea. According to statistics, the trading volume on the top five cryptocurrency exchanges in South Korea is rapidly approaching that of the stock market.

Cryptocurrency Trading Heats Up, Trading Volume Nearing Stock Market

According to data from CoinGecko, the trading volume of South Korean cryptocurrency exchanges in the past 24 hours has reached as high as 16.34 trillion Korean Won (KRW), equivalent to 12.5 billion USD. Meanwhile, today's Korean stock market trading volume reached 20.8 trillion Korean Won, approximately 15.88 billion USD. The top five cryptocurrency exchanges in Korea are Upbit, Bithumb, Coinone, Gopax, and Korbit.

Note: Calculated based on an exchange rate of 1,309 Korean Won to 1 USD.

Note: South Korea's stock market is mainly divided into two parts: KOSPI (Korea Composite Stock Price Index) and KOSDAQ. KOSPI is the stock market dominated by large companies and is one of the most important stock indices in South Korea. KOSDAQ is an electronic trading market for small and medium-sized companies.

South Korea's Wealth Gap Leads to Preference for Altcoins

According to a report by CoinDesk, the relatively large trading volume in the cryptocurrency market has increased the risk appetite of Korean investors. Ki Young-Ju, the founder of on-chain data provider CryptoQuant, stated:

As the wealth gap widens, more people are turning to such investments, and altcoins are becoming a more popular choice than major assets like BTC or ETH.

According to a previous report, the Korea Financial Intelligence Unit (KoFIU) predicts that by the first half of 2023, the number of cryptocurrency investors in South Korea will reach around 6 million, accounting for over 10% of the country's population. Most of these investors are primarily active on centralized exchanges.

Bradley Park, Director of Research at CryptoQuant, also mentioned:

The Kimchi premium has reached its highest level since the collapse of LUNA in May 2022. This is typically seen as a sign of strong retail demand, as Korean investors are willing to pay a premium for Bitcoin.