Trading Volume Gap Exceeds 4 Times
Average Visit Duration Longer on Upbit
KRW Bitcoin Trading Volume Ranks 3rd Worldwide
[Asia Economy Reporter Lee Jung-yoon] The monthly site visit count difference between the top two domestic cryptocurrency exchanges, Upbit and Bithumb, was found to be about twice as much.
According to cryptocurrency market tracking site CoinGecko on the 6th, Upbit's recent monthly page views recorded 9,739,865. In the case of Bithumb, it was 4,710,167, confirming that the monthly visit count difference between the two exchanges was 2.07 times.
As of 9:20 AM on the same day, the gap between the two exchanges widened further in terms of daily cryptocurrency trading volume. The 24-hour trading volume for Upbit and Bithumb was recorded at 4.2591 trillion KRW and 987.6 billion KRW respectively, showing a 4.31 times difference. Considering the trading volume gap, it appears that Upbit customers have a higher frequency or amount of cryptocurrency transactions after visiting the site once. The average site visit duration was also found to be longer for Upbit. According to data analytics firm SimilarWeb, the average usage time per visit for Upbit was 11 minutes and 1 second, which is 6 minutes and 27 seconds longer than Bithumb’s 4 minutes and 34 seconds.
Among the so-called four major exchanges, Coinone recorded 1,661,436 visits, and Korbit recorded 196,844 visits. However, Korbit lagged behind Gopax, which recorded 202,891 visits. Gopax signed a contract with Jeonbuk Bank on February 15 this year to issue real-name verified deposit and withdrawal accounts. On the 7th of last month, it completed the submission of a change report for virtual asset operators to operate the KRW market. Accordingly, there are expectations that if Gopax resumes KRW market operations, the four major exchanges will be reorganized into five major exchanges.
Meanwhile, Bitcoin trading volume denominated in Korean won was found to be the third largest in the world. According to CoinHills, a cryptocurrency disclosure platform, the proportion of Bitcoin traded in Korean won was 4.21% of the total, ranking third after the US dollar (85.61%) and Japanese yen (5.22%). Following were the euro, pound sterling, and Turkish lira, recording 2.73%, 0.57%, and 0.4%, respectively.
Additionally, in the global cryptocurrency exchange trading volume rankings, Upbit ranked 5th, and Bithumb ranked 25th. Coinone, Korbit, and Gopax ranked 44th, 79th, and 96th, respectively.
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