Key points to remember:
- More than 30% of the South Korean population, or around 15.6 million people, now invest in cryptocurrencies. This marks significant growth.
- South Koreans’ total crypto assets reached $79 billion. Daily trading volumes match those of the domestic stock market.
- The surge in crypto investors in November 2024 is linked to the results of the US presidential election.
The crypto market in South Korea is booming. Public interest is skyrocketing. The number of investors has skyrocketed. Asset values and trading volumes have reached impressive levels. This article provides a detailed overview of the current crypto market in South Korea. This 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. (Bank of Korea data). This represents more than 30% of the population.
Number of crypto investors in South Korea (2024):
- July: 14.74 million
- August: 14.82 million
- September: 14.88 million
- October: 14.98 million
- November: 15.59 million
The South Korean market. Source: Yonhap News
This sharp increase is observed on the five largest crypto exchanges in South Korea: Upbit, Bithumb, Coinone, Korbit and GOPAX. This shows that cryptocurrency is becoming mainstream. It extends beyond a small group of enthusiasts and extends to the general public.
Asset values and trading volumes soar
The increase in the number of investors is accompanied 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) in November.
Daily trading volume:
- On average 14.9 trillion won. This exceeds the combined volumes of the KOSPI and KOSDAQ stock markets.
- Stock market deposits rose from 4.9 trillion won in July to 8.8 trillion won at the end of November. This shows investor confidence in the market.
The simultaneous rise in asset values and trading volumes shows a very dynamic crypto market in South Korea.
More news: Bitcoin hits $100,000 – sets all-time high
Factors behind the crypto market boom
Several factors explain the strong growth of the South Korean cryptocurrency market:
- New user protection laws: The Virtual Asset User Protection Act, which came into force in July 2024, has boosted investor confidence. It requires exchanges to protect user assets.
- Impact of the US presidential election: The November 2024 US presidential election, won by Donald Trump, has raised hopes for more crypto-friendly policies in the US. This has attracted the interest of South Korean investors.
- Bitcoin price rise: Bitcoin prices surged in November from around 100 million KRW to over 135 million KRW. This attracted more people to the market.
