The cryptocurrency landscape in South Korea is witnessing a significant transformation in 2024. Data from Maeil Business Newspaper reveals that the number of South Korean-won-based cryptocurrencies listed on the nation’s five leading digital asset exchanges has almost reached the total for all of 2023. As of late July 2024, these exchanges—Upbit, Bithumb, Coinone, Korbit, and Gopax—have collectively listed 229 cryptocurrencies, representing a staggering 85.44% of last year’s total of 268 listings.
Upbit and Bithumb have especially notable contributions, each surpassing their 2023 totals with 37 and 84 new listings, respectively. This surge illustrates not only a rising trend in crypto valuations but also a renewed interest from investors eager to explore the digital currency market.
As the total global cryptocurrency market cap ballooned from $3.25 trillion at the beginning of the year to nearly $4 trillion, the enthusiasm is palpable. Bitcoin recently reached a new high of $123,218 on July 14, creating a buzz across the digital asset space. This spike in value has prompted a wave of capital inflow into spot Bitcoin exchange-traded funds (ETFs) in the U.S., tallying $13.7 billion in net inflows during the first half of the year.
In South Korea, this increasing demand has led exchanges to ramp up their listing activity, striving to meet a revitalized appetite among investors. On July 20, daily trading volumes across the top five exchanges climbed to an impressive 9.2 trillion won (about $6.7 billion), indicating a robust recovery from the sub-5 trillion won trading volumes that characterized much of the second quarter.
Altcoins are catalyzing this resurgence as they gain favor among Korean investors, who traditionally prefer them over Bitcoin. However, a period of sluggishness ensued while Bitcoin garnered much of the attention. A significant shift occurred on July 9, when Bitcoin’s dominance—its share of the total cryptocurrency market cap—dropped below 60% for the first time in 134 days, illustrating a broader rotation into altcoins.
Ethereum has emerged as a standout performer during this transition, soaring to a year-to-date high of $3,819.4 on July 21, surpassing its previous peak of $3,687.78 set earlier in January. This momentum is largely driven by growing interest in Ethereum spot ETFs and increasing institutional accumulation.
According to recent data, an impressive $2.18 billion flowed into U.S.-listed Ethereum spot ETFs during the week of July 14–18, marking the highest weekly inflow since their inception. Notably, some companies are amassing significant holdings in Ethereum, even surpassing the Ethereum Foundation itself. For instance, Bitmine Immersion Technology (BMNR) and SharpLink Gaming are reported to hold 300,657 and 280,706 ETH, respectively, signaling a remarkable trend in institutional interest.
By Choi Geun-do, Lee Jong-hwa and Minu Kim
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]
