Coin Edition -
- Every season is an altseason in South Korea.
- Altcoins comprise 93% of all crypto trades in South Korea.
- Bitcoin dominance experienced a sharp drop since November.
Cryptoquant CEO Ki Young Ju says South Korea is a region where every season is altcoin season. In a recent post on X, the crypto analyst showed that altcoins make up 93% of all cryptocurrency trades in South Korea, leaving Bitcoin with only 4% and other digital assets with the remaining 3%.
South Korea: The world's second-largest crypto market, where 93% of trades are altcoins and only 4% are #Bitcoin. Every season is alt season. pic.twitter.com/HMjFGFY22a— Ki Young Ju (@ki_young_ju) December 6, 2024
Ju backed up his post with data from Upbit and Coinbase (NASDAQ:COIN). Upbit is the leading cryptocurrency exchange in South Korea, while Coinbase is a renowned global exchange headquartered in the U.S. The Cryptoquant CEO looked at data between January 1, 2023, and December 1, 2024.
Notably, the two years show the extent of altcoin domination on the Upbit crypto exchange. Ju’s post showed that altcoins were more dominant in 2023, making up nearly the entire cryptocurrency volume traded within the region. In contrast, Bitcoin led the trading volume metric on Coinbase during the same period. Besides BTC, other digital asset classes ranked above altcoins in the volume of crypto categories traded on the U.S.-based platform in 2023.
Read also: $19B Leaves South Korean Banks—Heading Straight to Crypto and Stocks
Bitcoin vs. Altcoins in South Korea
Bitcoin volume traded on Upbit increased towards the end of 2023, coinciding with the beginning of the cryptocurrency’s recovery from the lengthy bear market. The pioneer cryptocurrency sustained its growth in the South Korean market until the second half of 2024. However, altcoins remained dominant throughout the period and gained dominance on Coinbase.
The increase in altcoin dominance across both the Korean-based exchange and the U.S.-based exchange suggests a developing global trend for altcoins. It aligns with the fading Bitcoin dominance, which has fallen sharply. TradingView’s data shows Bitcoin’s dominance dropped from 61.53% in November to 55.68% at the time of writing. Analysts see the developing trend as a signal for a potential altcoin season as the crypto market prepares for a bull run.
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