According to the Korean news outlet Hankyung, South Korean crypto transaction volumes have now surged past its national stock exchange. It reads that the aggregated transactions from the four most prominent Korean exchanges (Upbit, Coinone, Bithumb, and Kobit) yesterday went as high as $14.6 billion, eclipsing the daily transaction amount average of the Korean Exchange.
To be more specific, South Korea’s total crypto transaction volumes yesterday overtook the amount registered by KOSPI Index and KOSDAQ. The two Korean stock indexes’ combined figures in the same period reportedly topped at $14.5 billion and $10 billion, respectively.
While many factors could attribute to this positive development on the Korean crypto scene, many are pointing at the rising popularity and demand of cryptos, such as Bitcoin (BTC), in prominent institutions and world-famous personalities.
Although some may still find themselves surprised with how well cryptos are doing now within South Korea, many believe that the conditions for such a surge to occur within the country have been present for a long time now. This is exemplified by the country-specific “Kimchi Premium” phenomenon from last January, where Korean exchanges offered much higher crypto prices.