Crypto Traders Now Prefer South Korean Won Over Dollar

by Bloomberg, the South Korean won has emerged as the new darling of cryptocurrency traders, surpassing the U.S. dollar.

In the first quarter of 2024, the Korean won managed to generate $11 billion more in volume compared to the greenback. The growing popularity of altcoins in South Korea is one of the key reasons behind this phenomenon. Smaller tokens account for the vast majority of the aforementioned volume. Moreover, there is growing competition among local cryptocurrency exchanges. Bithumb and smaller exchanges are trying to eat away at the market share of Upbit, the current crypto leader on the South Korean market.has long been one of the key cryptocurrency hubs around the world. The leading political figures have, of course, taken note of the increasing popularity of digital assets ahead of the upcoming parliamentary election.

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