South Korea’s cryptocurrency market booms as accounts surge, trading volume matches stock market
Date
12/26/2024 8:45:15 AM
(MENAFN) South Korea's cryptocurrency market experienced rapid growth in November, with trading volume reaching levels comparable to the stock market, and the total number of crypto accounts exceeding 15 million amid a strong bull run, fueled by the pro-crypto stance of the US President-elect.
The number of cryptocurrency accounts in South Korea jumped to 15.59 million in November, nearly one-third of the country’s population, marking an increase of 610,000 from the previous month, according to data from the bank of Korea presented to Rep. Lim Kwang-hyun of the Democratic Party.
This surge coincided with bitcoin hitting new highs. After dipping below USD70,000 just before the US presidential election, the price of bitcoin skyrocketed by as much as 50 percent in the past month following the election victory of Donald Trump.
The number of virtual asset investors has been steadily rising, with the total increasing by approximately 100,000 each month, from 14.74 million in July to 14.98 million by October.
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