CryptoQuant CEO: South Korean Won Mainly Used for Altcoin Trading

IconCryptoNewsTerminal Staff12 Jun, 2024

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CryptoQuant CEO: South Korean Won Mainly Used for Altcoin Trading

CryptoQuant CEO Ki-Young Ju observed via Twitter that the South Korean won is the second-largest fiat currency in terms of cryptocurrency trading volume, but it is primarily used for altcoin trading. He added that 82% of Upbit's trading volume last month occurred in altcoins, while Coinbase's BTC/USD trading volume was five times larger than Upbit's BTC/KRW pair. Coinbase has a 46% share of the global BTC/USD spot market, and its influence is growing further due to its institutional brokerage services. He also noted that the US market is more important than the global overseas market for the next leg up, and while the market capitalization of stablecoins is currently increasing, it is decreasing relative to the market capitalization of Bitcoin (BTC) and Ethereum (ETH). Therefore, we cannot expect the next bull run based solely on the increase in stablecoin market capitalization.

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