Report: In Q1 2024, the cumulative trading volume of the Korean won on CEX surpassed that of the US dollar

ChainCatcher news, according to a report by cryptocurrency market analysis company Kaiko, in the first quarter of 2024, the trading volume of the Korean won on CEX was $45.6 billion, while the US dollar was $44.5 billion.

The improvement in the macroeconomic environment and the fierce competition among Korean CEXs have driven the trading volume in the Korean market, reaching its highest level in over two years at the beginning of March this year.

Since the beginning of 2021, Upbit has been the dominant player in the Korean cryptocurrency market, with an average market share of 82% over the past three years. However, in the recent bull market, competition has intensified, with Bithumb and Korbit launching aggressive zero-fee campaigns at the end of 2023.

Although Korbit's market share did not see a significant increase, averaging less than 1% in 2024, Bithumb's market share doubled within a few months after the launch of the zero-fee policy.