Crypto Trading Volume Surges Tenfold Amid Price Rally: Which Token Accounts for 30% of Domestic Trades?

As the prices of Bitcoin and Ethereum experienced sharp increases over a few days, trading volumes on domestic cryptocurrency exchanges also surged.

According to cryptocurrency data providers such as CoinMarketCap, the 24-hour trading volume on the Upbit exchange stood at 2.2704 trillion won as of 10:00 a.m. today (the 24th).

Before the 20th, Upbit's daily trading volume had hovered in the 300 billion to 600 billion won range for a week, but surpassed 1 trillion won on the afternoon of the 20th when Bitcoin prices approached $70,000.

Trading was particularly active over the past weekend.

As of 3:00 p.m. the day before yesterday (the 22nd), the 24-hour trading volume reached 4.6153 trillion won.

This scale swelled to about ten times compared to a week prior.

Other won-denominated cryptocurrency exchanges also saw their trading volumes increase over the weekend.

At 3:00 p.m. on the 22nd, Bithumb recorded 24-hour transaction values exceeding 2 trillion won, while Coinone also showed higher-than-usual transaction values, recording 157.7 billion won.

The most actively traded cryptocurrency on domestic exchanges was Ripple (XRP).

Ripple accounted for 23.77% of Upbit's total trading volume, ranking first.

On Coinone, Ripple's stablecoin RippleUSD accounted for the largest share at 26.28%, and Ripple was the cryptocurrency with the third-largest trading share.

This morning, Bitcoin is trading in the $77,000 range, up by around 22% compared to a week ago, while Ethereum is in the $2,400 range, up by around 29%.

This market revitalization is seen as the effect of an overall rise in cryptocurrency prices, reflecting expectations for legislation such as the Clarity Act, which classifies digital assets as digital commodities and applies relatively flexible regulations.

However, experts analyze that for the cryptocurrency market boom to continue in the long term, policy expectations, such as the deregulation of cryptocurrencies mentioned by U.S. President Trump, must materialize.

(Reported by Kim Jiuk | Video by Lee Yu-jin | Graphics by Yook Do-hyun | Produced by SBS Digital News)
※ Please note: This article was translated by AI and may contain errors.