7.78M Users in Q1 2024

The cryptocurrency market population of South Korea seems to be flourishing at an appreciable pace and in the first quarter of 2024 total users were 7.78 million. The information on the growth in number is confirmed by the FIU SK.  

South Korea’s Financial Intelligence Unit (FIU) report titled, ‘Virtual Asset Business Survey’ notes that a whooping spike in domestic cryptocurrency users has been observed, as the number of users in the last Q3, 2023 was 6.45 million which reached 7.78 million by the closing of Q1, 2024. 

The same report by FIU also argues that the trading volume has also seen a staggering growth of 67 percent from 3.6 trillion in the previous quarter reaching $6 trillion when it was reported by the Financial Regulator.

In the same time frame, the market capitalization of cryptocurrencies in South Korea has also seen a surge reaching 53 trillion won. As per speculation, the digital asset market in the nation is expected to grow in the future reaching 100 trillion won in the next few years.  

Is Bitcoin the Most Adopted among South Koreans?

Yes, Bitcoin remains the most adopted among South Korean cryptocurrency users, followed by Ethereum the second most traded, Ripple and a few others are on the list. It is worth noting that the nation has a significant number of memecoin lovers and Dogecoin is one of the most preferred joke coins of people in SK.  

Not only in South Korea but in several other countries Bitcoin remains the highest adopted crypto, so its dominance is also showing positive growth now dominating 60.23% of the vast market. 

There are many more primary reasons behind the surge adoption of Bitcoin and other cryptocurrencies, the entry of traditional finance giants, mainstream asset managers, and other firms with huge funds have been transforming the future of the digital asset market.  

The unbeatable price of Bitcoin is among the most crucial reasons behind the surged adoption and favoritism of BTC. From the last few weeks a strengthening in its prices is seen and when writing it was trading at $72k. 

Basically, Bitcoin has been classified by several nations; some call it a digital commodity, digital asset, digital coin, or online money. But there is one nation, El Salvador that has legalized BTC as a legal tender and has specific laws and offices that oversee the functioning and usage of Bitcoin throughout the region. 

Earlier this month the young president of El Salvador, Nayib Bukele noted in a media appearance that his government is ready to bring in an external debt-free budget, his statement was largely praised by the nation with significant Bitcoin and cryptocurrencies as holdings.  

Chainalysis, a blockchain analysis firm, reports that market conditions along with policy changes are the main factors affecting Kimchi Premium, creating a hyped indicator among traders. The Kimchi premium marked a significant record as Bitcoin registered an all-time high in March.