TechFlow reports that daily trading volume on South Korea's largest cryptocurrency exchange, Upbit, has dropped by 75% from its peak this year, indicating that the frenzy surrounding altcoin trading has subsided and digital assets beyond BTC and ETH may struggle to maintain high valuations.
Upbit lists 192 cryptocurrencies and offers 309 trading pairs. In the past 24 hours, it recorded only $3.79 billion in trading volume, compared to $15 billion on March 5, when the total market capitalization of altcoins surged to a two-year high of $788 billion. The market cap has since stabilized around $750 billion.
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