Domestic Coin Trading Growth Slows... 84% Drop in One Month

Still Increasing in Trillions but Narrowing
Trading Value on 4 Major Exchanges Falls Below 20 Billion Dollars

[Image source=Yonhap News]

[Asia Economy Reporter Minwoo Lee] The trading volume of domestic virtual currencies (cryptocurrencies) has decreased by more than 80% over the past month. The trend has been rapidly declining recently.

According to CoinMarketCap, which broadcasts the global cryptocurrency market status, as of noon on the 16th, the 24-hour trading volume on 14 domestic exchanges supporting KRW trading was $22.64502 billion (approximately 25.5775 trillion KRW).

Among them, the trading volume of the four major domestic exchanges with real-name accounts?Bithumb, Upbit, Korbit, and Coinone?was $19.97924 billion (approximately 22.5632 trillion KRW). Compared to the 24-hour trading volume of 21.0654 trillion KRW at 4 p.m. on the 15th of last month, it increased by about 1.5 trillion KRW (7.1%). Compared to the previous month’s increase of about 9.37 trillion KRW, the growth rate has decreased by about 84%.

Since the beginning of this month, the trading volume of the four major exchanges has fluctuated sharply. The 24-hour trading volume at 10 a.m. on the 3rd was $12.25418 billion, but it surged 278.6% to $46.39 billion on the 7th. However, by noon on that day, it fell below $20 billion.

Compared to the highest trading volume day this month, the 7th, the largest decrease until the day before was Bithumb at 60.9%. This was followed by Korbit (-60.5%), Upbit (-55.3%), and Coinone (-26.6%).

Meanwhile, the prices of major cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin are falling one after another. According to Upbit, as of 12:36 p.m. on the day, the price of Bitcoin was 58.35 million KRW. It sharply dropped from the 60 million KRW range around 6 a.m. to the 58 million KRW range. Compared to the previous day’s peak of 62.12 million KRW, it fell about 6.1% in one day.

Dogecoin, which experienced extreme price fluctuations following statements by Elon Musk, CEO of Tesla, also declined. It was traded in the 700 KRW range around 8 a.m. the previous day but remained in the 645 KRW range around 12:40 p.m. on the day. During the same period, Ethereum, ranked second in market capitalization, also dropped from the 5 million KRW range to the 4.6 million KRW range.