Bitcoin’s highly anticipated 4th halving event has finally happened. Following this event, some altcoin projects recorded significant increases in transaction volumes on Upbit, South Korea’s largest crypto exchange. Meanwhile, South Korean crypto markets have generally experienced an increase in trading volume recently. It reached heights not seen in more than two years, according to data from research firm Kaiko.
5 altcoins saw significant increases in trading volumes on Upbit!
cryptokoin.comAs you follow from , the market is trying to find direction after the successful Bitcoin halving. In this environment, traders in South Korea, one of the important countries for crypto, focused on some altcoin projects. The significant transaction volume in some altcoin projects on Upbit, Korea’s leading crypto exchange, attracts attention. Among these altcoins, Cardano (ADA), Ankr (ANKR), 1inch (1INCH), NEM (XEM) and Loom Network (LOOM) stand out.
ADA’s trading volume increased by 97% in 4 hours to $14 million. ANKR, on the other hand, recorded a transaction volume of 17 million dollars on Upbit, with an increase of 187% in 1 hour. 1INCH saw $7 million in altcoin trading volume, up over 400% in 4 hours. LOOM experienced a 215% increase in transaction volume in 1 hour. Thus, LOOM transaction volume reached 10 million dollars. NEM, on the other hand, saw an increase in transaction volume of over 450% within 1 hour. Thus, my NEM increased by transaction to $13 million.
Increasing competition and changing dynamics in the South Korean crypto market
The increase in crypto trading activities in South Korea is marked by intense competition and changing market dynamics. Upbit is a major player in the South Korean crypto scene. The stock market has increased its market share over the past three years, taking a dominant position in 2021. Competitors such as Bithumb and Korbit are also striving to increase their market share. However, Bithumb’s introduction of its zero fee policy in October 2023 enabled its market share to triple. As a result, trade volume increased.
Meanwhile, on crypto exchanges, the South Korean won surpassed the US dollar in March. However, KRW volumes saw a decline in April. However, Kaiko assesses that the recent approval of spot BTC and ETH ETFs in Hong Kong could lead to a resurgent market sentiment in the Asia-Pacific region.
Market share changes under regulatory pressure!
Elsewhere, Uniswap Labs announced that it had received a notice from the SEC. After this, the altcoin price experienced a serious loss of altitude. Therefore, it caused the transaction volumes to increase. According to Kaiko data, while Coinbase expanded its market share, Binance.US’s market share dropped significantly. Binance.US’ legal issues played a role in Binance’s market loss.
Kaiko reported that the correlation between Bitcoin and DXY has fallen to its lowest level in more than a year. While the US Dollar strengthened due to unexpected inflation increases and rising tensions in the Middle East, Bitcoin fell along with other risky assets during this period. The leading cryptocurrency has not attracted the attention of investors, unlike traditional safe-haven assets.
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