The number of cryptocurrency investors in South Korea surged to 15.59 million as of November, a rise of 610,000 from the previous month, according to data from the Bank of Korea (BOK) released today (Wednesday). This figure represents approximately 30% of the country’s population. Additionally, the total market value of cryptocurrencies held by Korean investors reached 102.6 trillion won.
Since July, the number of investors has increased steadily, with an average growth of 100,000 per month. However, following Donald Trump’s presidential election victory, market optimism pushed Bitcoin prices to record highs, driving a notable spike in new investors.
BOK Releases First Crypto Investor Data
The data, shared by Rep. Lim Kwang-hyun of the Democratic Party of Korea, is the first time BOK has disclosed cryptocurrency investor statistics. The figures reflect those with accounts at the five major domestic exchanges: Upbit, Bithumb, Coinone, Korbit, and GOPAX. However, some figures may include duplicates due to individuals holding multiple accounts across platforms.
The data also shows a significant increase in cryptocurrency transactions, which now rival domestic stock market volumes. In November, the daily transaction volume of domestic cryptocurrencies averaged 14.9 trillion won ($10.2 billion), nearly equaling the combined volume of the KOSPI at 9.9 trillion won and the Kosdaq at 6.9 trillion won.
South Korea ???????? sees a surge in cryptocurrency adoption!???? Key Highlights:Over 15.59 million crypto investors—more than 30% of the population (Bank of Korea).Total cryptocurrency holdings soared to 102.6 trillion won (~$70.8 billion) in November, up from 58 trillion won… pic.twitter.com/ZXLdCfyKEI
— Traders Paradise (@theparadiselive) December 25, 2024
Korea's Crypto Market Value Hits 102.6 Trillion Won
The total market value of cryptocurrencies held by Korean investors increased by 76.9% from the previous month. Additionally, funds waiting to be invested, or deposits, totalled 8.8 trillion won during the same period.
"The scale of cryptocurrency transaction is growing so rapidly that it now rivals the stock market," Lim said. "At a pangovernmental level, we need to take thorough measures to enhance the stability of the crypto market and establish sound trading practices that protect investors' rights."
This article was written by Tareq Sikder at www.financemagnates.com.
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