Bitcoin's Record-Breaking Performance Sparks Crypto Trading Frenzy

The unprecedented rise of Bitcoin has ignited a significant surge in the usage of domestic cryptocurrency trading platforms. According to global market research firm Sensor Tower, app downloads for South Korean crypto trading platforms have surged by approximately 59 percent year-over-year, while daily active users (DAUs) have increased by 22 percent.

The figures, spanning from Jan. 1 to Nov. 25, represent aggregated estimates from the top 100 crypto trading platform apps. Upbit emerged as the most downloaded app, followed by Bithumb, Binance, Bitget, and Bybit. In terms of DAUs, Upbit also claimed the top spot, trailed by Bithumb, Coinone, Binance, and Bybit.

Local Platforms Dominate the Market

Sensor Tower noted, "Upbit and Bithumb, operated by Dunamu and Bithumb Korea respectively, ranked first and second in both downloads and DAUs, showcasing the strong dominance and continuous growth of local cryptocurrency trading platforms in the South Korean market."

Bitcoin's Rise Fuels Platform Growth

The sharp rise in Bitcoin prices has significantly increased interest in cryptocurrency trading platforms. According to Sensor Tower, Upbit's DAUs increased steadily starting Nov. 3, when Bitcoin began its upward trend. By Nov. 13, DAUs had more than doubled compared to Nov. 3, marking the second-highest figure since March this year.

Bitcoin has soared since Donald Trump secured victory in the U.S. presidential election, reaching an all-time high of $99,617.40 on Nov. 23. Trump had previously pledged during his campaign to establish a "National Bitcoin Reserve System," in which the Federal Reserve would hold a certain quantity of Bitcoin, signaling his commitment to supporting the cryptocurrency market. Bitcoin prices rose approximately 40 percent in November alone.