TechFlow news, according to a recent report by cryptocurrency market analysis firm Kaiko, in Q1 2024, the won-denominated trading volume on CEXs reached $456 billion, surpassing the dollar-denominated volume of $445 billion. With improving macroeconomic conditions and intense competition among domestic exchanges in South Korea, local market trading volume hit its highest level in over two years by early March.
Since early 2021, Upbit has been the dominant player in the South Korean crypto market, averaging an 82% market share over the past three years. However, competition has intensified during the recent bull market, with Bithumb and Korbit launching zero-fee trading campaigns at the end of 2023. While Korbit's market share did not significantly increase—averaging less than 1% in 2024—Bithumb's market share tripled within months after introducing its zero-fee policy.
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