As a seasoned crypto investor with a fair share of rollercoaster rides and lessons learned along the way, I find the latest South Korean crypto market growth quite intriguing. Having dabbled in various markets worldwide, it’s refreshing to see such a surge in interest from the Far East, especially in a country known for its tech-savvy population.
As an analyst, I’ve noticed a substantial growth in crypto investment activity within South Korea, accompanied by rising profits for the nation’s digital asset trading platforms. This trend suggests a flourishing interest and confidence in the crypto market among South Korean investors.
During the initial part of 2024, there were approximately 7.78 million South Korean individuals investing in cryptocurrencies – a notable jump of more than 21% compared to the number who invested during the latter half of 2023, when the country had around 645 million digital asset investors.
The significant rise in investors has caused the combined annual operating profits of the top 21 domestic centralized exchanges to exceed 5,900 billion won (about $4.2 billion), representing a year-on-year growth of more than 106%. These findings were reported by local media outlets based on data from the country’s Financial Services Commission.
An increase in retail investors is a hopeful indicator of a rising stock market, since their fresh investment will boost the ongoing growth of leading cryptocurrencies such as Bitcoin (BTC) and Ether (ETH).
In expectation of the U.S. presidential elections, Bitcoin approached a fresh all-time peak. On October 29th, Bitcoin came within $200 of reaching a new maximum price after its value surpassed $73,600, the highest it had been since March 2024.
Personally, I’ve noticed some analysts suggesting that Bitcoin’s recent price movements might be driven more by a “Trump effect” rather than robust fundamental macroeconomic factors. This perspective, however, seems to question whether these conditions are sufficient to propel Bitcoin to another unprecedented peak.
South Korean crypto investors’ average portfolio is below $400
Approximately two out of every three South Korean cryptocurrency investors are men, and a significant portion of these investors are males aged 30 and above, numbering approximately 1.58 million in total.
In addition, South Korea boasts approximately 1.5 million men aged over 40 who invest, along with about 108 million individuals aged over 20, and only around 850,000 men who are investors and have reached the age of 50.
Nonetheless, the typical crypto investment among South Korean investors is relatively small. In fact, over half a billion investors (approximately 67%) own less than 500,000 won ($362) in cryptocurrencies, collectively.
On the other hand, a small portion of South Korean investors, specifically about 10% or 780,000 individuals, owned more than 10 million won (approximately $7,254) in digital assets. Interestingly, an even smaller group, representing only around 1.3%, or 100,000 investors, held over 10 billion won (equivalent to approximately $7.25 million) in digital assets.
Approximately 37% of South Korean investors’ largest holdings is Bitcoin, followed by around 11% in Ether, about 10.6% in the XRP token, nearly 3% in Dogecoin, and slightly over 2.7% in Ethereum Classic.
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2024-10-31 12:10