South Korean Won Dethroned the Dollar to Become the Top Currency for Cryptocurrency Trading

The South Korean won has surpassed the US dollar to become the most used currency for cryptocurrency trading in the first three months of the year.

According to Kaiko, the Korean won accounted for more than $456 billion in cryptocurrency trading volume in the quarter, followed by the dollar at $455 billion.

The third most popular fiat currency for cryptocurrency trading was the euro, with a trading volume of $59 billion.

South Korea is one of the most active cryptocurrency markets globally. Last March, South Korea’s cryptocurrency market made history after briefly surpassing the stock market’s trading volume.

Cryptocurrency trading ‘fee war’ between domestic exchanges heats up

According to Kaico Research, competition among domestic cryptocurrency exchanges is heating up. A fierce “fee war” has pushed cryptocurrency trading volume on the Korean market to its highest level in two years.

📊Competition in the Korean market is heating up. In this week’s data report, we’ll look at:

👉Korea’s fee war

👉Market reaction to Uniswap Labs Wells announcement

👉Increasing dominance of Coinbase

And more… .https://t.co/pVQvJfZIlS

— Kaiko (@KaikoData) April 15, 2024

Upbit is Korea’s leading cryptocurrency exchange, occupying 82% market share over the past three years.

However, the zero-fee campaign launched by Bithumb and Korbit is threatening Upbit’s dominance.

Bithumb has tripled its market share since starting its zero-fee policy in October last year. The campaign ended in February after declining revenues.

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