Cryptocurrency is the modern financial system that has attracted investors worldwide with its fast and secure transactions. It has a global economic impact, making it an epicentre of consideration for millions of investors. With Bitcoin counting as a pioneer cryptocurrency, the crypto world offers hundreds and thousands of cryptocurrencies today, which are referred to as altcoins.
In the heart of South Korea’s economic system, an astonishing and captivating event has happened, creating a buzz around the world. The South Korean altcoin frenzy has attracted over 6 million investors, making it the best news for crypto enthusiasts this year. This astounding influx of investors will strengthen the Korean crypto market, resulting in a balanced crypto volatility.
Since crypto transactions are decentralised, meaning that blockchain acts as a ledger, excluding central institutions and banks, it makes crypto an innovative and speculative digital asset. It is worth noting that this vast number of investors joined the crypto world on Centralised Exchanges (CEXs). Join us as we explore how the South Korean altcoin frenzy will impact the business world and explain the use of CEX for cryptocurrency.
A Closer Look at the Korean Crypto Market
The cryptocurrency market is a massive economic breakthrough which is generating millions of dollars globally. As per a report on Statista, the crypto market grows at an annual growth rate of 9.18 per cent, forecasting to generate approximately 932.3 million dollars by 2027. With immense popularity around the world, crypto is an excellent digital asset which offers lucrative outcomes.
South Korea presents a fascinating and influential crypto market to the world with extensive participation, top-notch technology, and authoritative regulation for crypto traders. Crypto plays a key role in the economic infrastructure of South Korea, making it one of the most important elements in the blockchain and digital asset space.
With plenty of cryptocurrency exchanges, South Korea is home to leading names of centralised and decentralised crypto exchanges. A crypto exchange is the first step in stepping into the field of cryptocurrency investment and trading. Bithumb, Upbit, Korbit, and so on are a few names of crypto exchanges facilitating users to trade crypto, including altcoins.
South Korean Altcoin Surge
South Koreans always favour altcoins, including Ethereum (ETH), Ripple (XRP), Solana (SOL), and many more. Korean crypto traders and investors always show enthusiasm for new and small projects of crypto altcoin, leading to a massive role in deciding the future of that project. Since the Korean crypto market is the driving force for many new projects, they control the volatility of the altcoin.
With this unorthodox taste for investment, the South Korean altcoin frenzy is an excellent phenomenon. Millions of investors have put in their capital in a number of altcoins, including Loom Network (LOOM), eCash (XEC), Flow (FLOW), Stacks (STX), Bitcoin SV (BSV), and so on. LOOM comes at the top with 62 per cent investment, followed by XEC and FLOW with 55 per cent and 43 per cent, respectively.
It becomes clear that Korean investors prioritise lucrative altcoins that can offer high profits. Therefore, 6 million investors have invested in different altcoins via centralised exchanges, such as Upbit, Bithumb, and more. The South Korean altcoin frenzy will result in a robust and potent crypto market in the coming years.
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Centralised Crypto Exchanges in Korea
Korea Financial Intelligence Unit (KoFIU) has surveyed the crypto market and come up with surprising statistics about crypto users and investors in the country. Around 6 million Koreans, which make up 10 per cent of the entire population, use or invest in cryptocurrency. With such a vast audience, the South Korean crypto market invites crypto exchanges with open hearts.
South Korea is home to both centralised and decentralised crypto exchanges, providing users with a choice. However, the centralised exchanges have performed better over the years since most users prefer these exchanges over their decentralised alternatives. South Korean crypto exchanges performed well during the tough time for crypto, starting in March.
With 45 billion dollars in February, Korean crypto exchanges earned impressive volumes. May offered a low volume trade of around 23 billion dollars, but the Korean crypto exchanges boomeranged in July with 37 billion dollars. Among the best-performing Korean crypto exchanges, Upbit and Bithumb generated lucrative revenue.
Crypto Investment – A Lucrative or Risky Endeavour?
Cryptocurrency, including Bitcoin (BTC) and altcoins, offer various degrees of volatility, making it a risky investment. Despite the risk, millions of investors favour crypto as an investment due to its lucrativeness and high-profit potential. It offers the best opportunity to earn riches in less time.
As much as crypto offers benefits, it exposes crypto investors and traders to high-level risks and losses. Those people who can survive and tackle these risks possess robust knowledge and understanding of the crypto industry. Furthermore, you also need a platform to get a headstart on your cryptocurrency earning journey.
Click here to delve into an insightful guide that will transform you from novice to expert in cryptocurrency trading and investment. Investing in crypto is a lucrative and profitable endeavour once you have technically analysed the market, explored every relevant crypto news, and avoided crypto scams.
Read Also: Scammers Create Blockworks Clone Site to Drain Crypto Wallets: 8 Ways on How to Stay Safe
South Korean Excitement Over Altcoin
The South Korean altcoin frenzy is a remarkable phenomenon, with over 10 per cent of Koreans joining the crypto world via centralised exchanges. It reflects the trust and affection of Koreans for cryptocurrency, which is the finest of digital assets. Their love for crypto altcoins is extraordinary since they have always fueled the success of new crypto projects.
Despite the extensive opportunities in the Korean crypto market, it is not free from challenges. Regulatory uncertainty, possible market manipulation, and security issues may give a tough time to investors. Therefore, it is important to consider your protection and safety while trading and investing in cryptocurrency.
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