A recent report by the blockchain market consultancy DeSpread found that the interest in alternative cryptoassets, or altcoins, is on the rise in South Korea. The report highlighted that users of domestic crypto exchanges in South Korea are more inclined to trade in altcoins rather than popular cryptocurrencies like Bitcoin or Ethereum. The influence of the South Korean market was also noted in major global altcoin markets, with a significant portion of trading volume for certain altcoins originating from South Korean exchanges.
One noteworthy observation made in the report was that a large portion of the global trading volume for altcoins like Stacks (STX) and Blur (BLUR) was coming from South Korean crypto exchanges. This suggests that South Korean investors are actively participating in the global altcoin market. Additionally, search engine data indicated that South Koreans were more likely to search for crypto-related terms compared to users in the US and Japan, signaling a high level of interest and engagement with cryptocurrencies in the country.
The report highlighted the increasing mentions of the South Korean crypto market on overseas media websites, indicating the growing recognition and impact of South Korea in the global crypto ecosystem. The authors noted a steady increase in South Korean crypto news coverage since 2021, with a significant uptick in 2022 that focused on prominent figures like Do Kwon and the Terra ecosystem. More recent news reports have shifted their focus to the overall crypto ecosystem and South Korean government regulations, reflecting the evolving landscape of the crypto industry in the country.
The findings of the report suggest that crypto adoption in South Korea is showing no signs of slowing down, with continued interest in altcoins and active participation in the global cryptocurrency market. South Korean investors seem to be driving significant trading volumes for certain altcoins, further solidifying the country’s presence in the global crypto space. The emphasis on altcoin preference in domestic exchanges and the high level of search interest in cryptocurrencies indicate a strong and growing crypto community in South Korea. Additionally, the increasing coverage of the South Korean crypto market in overseas media outlets underscores the country’s importance in shaping the future of cryptocurrencies.
