Unprecedented Growth in South Korea's Crypto Market

The cryptocurrency landscape in South Korea has witnessed a remarkable surge, with the number of investors exceeding 15 million. This significant growth is largely attributed to the heightened enthusiasm among investors, spurred by the anticipation of pro-cryptocurrency policies under the incoming U.S. administration led by President-elect Donald Trump.

Detailed Insights from the Bank of Korea

Recent data released by the Bank of Korea (BOK) reveals that the number of domestic investors with accounts at the top five cryptocurrency exchanges – Upbit, Bithumb, Coinone, Korbit, and GOPAX – reached an impressive 15.59 million by the end of November. This marks an increase of 610,000 from October's figures. The surge in new investors, particularly in November, underscores the impact of the U.S. presidential election on global cryptocurrency markets.

Market Valuation and Investor Holdings

As of November, the domestic cryptocurrency holdings have soared to 102.6 trillion won (approximately $70.12 billion), based on market valuation. This represents a near 60 percent increase from the previous months, highlighting the growing confidence among investors and the significant rise in Bitcoin prices, which briefly surpassed the $100,000 mark.

Impact on Trading Volumes

The trading volume in the cryptocurrency market has grown to levels that rival the domestic stock market. With an average daily trading volume of 14.9 trillion won in November, the cryptocurrency exchanges are setting new benchmarks, challenging the traditional financial markets.