- Each season is a brand new season in South Korea.
- Altcoins account for 93% of all crypto transactions in South Korea.
- Bitcoin dominance has seen a pointy decline since November.
Ki Younger Ju, CEO of Cryptoquant, says South Korea is a area the place each season is altcoin season. In a latest article on X, the crypto analyst confirmed that altcoins account for 93% of all cryptocurrency transactions in South Korea, leaving Bitcoin with simply 4% and different digital property with the remaining 3%.
Ju backed up his submit with knowledge from Upbit and Coinbase. Upbit is the main cryptocurrency trade in South Korea, whereas Coinbase is a famend international trade headquartered in america. Cryptoquant CEO reviewed knowledge between January 1, 2023 and December 1, 2024.
Notably, each years present the extent of altcoin's dominance on crypto trade Upbit. Ju's submit confirmed altcoins being extra dominant in 2023, accounting for nearly all cryptocurrency quantity traded within the area. In distinction, Bitcoin dominated buying and selling quantity on Coinbase throughout the identical interval. Apart from BTC, different digital asset lessons ranked above altcoins within the quantity of crypto classes traded on the US-based platform in 2023.
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Bitcoin versus Altcoins in South Korea
The quantity of Bitcoin traded on Upbit elevated in the direction of the top of 2023, coinciding with the beginning of the cryptocurrency's restoration after a protracted bear market. The pioneer cryptocurrency maintained its development within the South Korean market till the second half of 2024. Nonetheless, altcoins remained dominant all through the interval and gained dominance on Coinbase.
The rising dominance of altcoins on each the Korean trade and the US-based trade suggests a creating international development for altcoins. This corresponds to the disappearance of the dominance of Bitcoin, which has fallen sharply. Information from TradingView reveals that Bitcoin dominance has elevated from 61.53% in November to 55.68% on the time of writing. Analysts see this creating development as a sign of a possible altcoin season because the crypto market prepares for a bull run.
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