- Each season is an altseason in South Korea.
- Altcoins make up 93% of all crypto trades in South Korea.
- Bitcoin dominance has seen a pointy decline since November.
Cryptoquant CEO Ki Younger Ju says South Korea is a area the place each season is altcoin season. In a latest put up on X, a cryptoanalyst confirmed that altcoins account for 93% of all cryptocurrency trades in South Korea, leaving Bitcoin with solely 4% and different digital belongings the remaining 3%.
Ju backed up his put up with knowledge from Upbit and Coinbase. Upbit is a number one cryptocurrency trade in South Korea, whereas Coinbase is a famend international trade primarily based within the US. Cryptoquant's CEO checked out dates between January 1, 2023 and December 1, 2024.
Notably, two years present the extent of altcoin dominance on the Upbit crypto trade. Yu's put up confirmed that altcoins have been extra dominant in 2023, accounting for nearly the whole quantity of cryptocurrencies traded within the area. In distinction, Bitcoin led the buying and selling quantity metric on Coinbase throughout the identical interval. Along with BTC, different digital asset lessons ranked above altcoins within the quantity of crypto classes traded on the US platform in 2023.
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Bitcoin vs. altcoins in South Korea
Bitcoin quantity traded on Upbit elevated in the direction of the tip of 2023, coinciding with the beginning of the cryptocurrency's restoration from a protracted bear market. The pioneering cryptocurrency maintained its development within the South Korean market till the second half of 2024. Altcoins, nevertheless, remained dominant all through the interval and gained dominance on Coinbase.
The rise in dominance of altcoins on each Korean and US-based exchanges signifies an evolving international development for altcoins. It aligns with the waning dominance of Bitcoin, which has fallen sharply. TradingView knowledge reveals that Bitcoin's dominance has fallen from 61.53% in November to 55.68% on the time of writing. Analysts see the event as a sign for a possible altcoin season because the crypto market prepares for a bull run.
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