Interest in alternative crypto assets in South Korea continues to grow, and interest in altcoins may be the driving force behind it, according to a new report.
According to South Korean media outlet Kyunghyang Games, the findings were published in a report on South Korea's cryptocurrency community by blockchain market consultancy DeSpread.
The report's authors noted that “altcoin preference” is “one of the main characteristics of the domestic cryptocurrency market.”
He added that “users of domestic cryptocurrency exchanges mainly trade altcoins, rather than Bitcoin (BTC) or Ethereum (ETH).”
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The report's authors noted that the “influence of the Korean market” was “noticeable” among “major global altcoin markets with relatively large market capitalizations.”
DeSpread noted that on August 5, 2023, 90% of global trading volume for Stacks (STX) took place “on domestic cryptocurrency exchanges.”
The firm also added that 60% of global trading volume for NFT marketplace token Blur (BLUR) originates from South Korea.
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The report also noted that search engine data shows that South Koreans will be more likely to search the web for crypto-related terms in 2023 than people in the United States or Japan.
While American and Japanese users are more likely to search the web for stock-related terms, Koreans are more likely to search for the term “코인” (literally “coin”), a term that is primarily used in Korea to refer to altcoins.
Proportionately, South Koreans were more likely to search for “Bitcoin” in 2023 than U.S. and Japanese web users.
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— Korea Times (@koreatimescokr) May 21, 2024
The report also found an increase in “mentions of the South Korean cryptocurrency market” on foreign media websites.
The authors noted that cryptocurrency news in South Korea has “steadily increased since 2021.”
They expect a surge in South Korea-related news coverage in 2022, [Do Kwon]” and the Terra Ecosystem.
News coverage has since “shifted focus to the entire cryptocurrency ecosystem, including South Korean government regulation,” the authors conclude.
