Crypto Trading Overtakes Stocks in South Korea
(MENAFN) Cryptocurrency trading activity in South Korea has overtaken that of the nation’s stock markets, with digital assets now holding a combined market capitalization of over 100 trillion won ($74.8 billion), according to reports released on Tuesday.
While the market cap of cryptocurrencies stood at approximately $70.2 billion in December, their daily trading volume surpassed that of equities by nearly $1.4 billion, even though the stock market had a much larger capitalization of more than $1.6 trillion.
In December, South Korean crypto exchanges recorded an average daily trading volume of $12 billion, amounting to about 17% of total crypto holdings. This marked a significant surge from $2.38 billion in October, with volume jumping to $10.4 billion in November before peaking at year-end.
Remarkably, December’s daily crypto trade exceeded the combined daily average of the Korean Securities Dealers Automated Quotations (KOSDAQ) and the Korea Composite Stock Price Index (KOSPI), which together reached $10.7 billion.
By the close of last year, digital asset holdings on the country’s five major exchanges—Upbit, Bithumb, Coinone, Korbit, and GOPAX—totaled $73 billion, based on data from the Bank of Korea’s 2024 report on payment and settlement systems.
A range of international developments has contributed to the surge in market activity and investor confidence, such as the re-election of U.S. President Donald Trump— who has voiced support for cryptocurrencies—the rollout of the European Union’s Markets in Crypto-Assets framework, and the greenlighting of spot crypto ETFs in both Hong Kong and the United States.
In November, South Korea’s crypto market value topped $70 billion for the first time, nearly doubling from $40.7 billion at the end of October.
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