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Korean Won Overtakes Dollar as Top Fiat Trading Pair Amid Recent Bitcoin Rally

South Korean cryptocurrency traders are emerging as significant influencers in propelling the price of Bitcoin upward by more than 50%, reaching its highest level in two years.

According to data compiled by CCData for November, the Korean won has surpassed the dollar, marking the first instance of becoming the predominant fiat trading pair in the cryptocurrency market, as reported by Bloomberg.

In November, the Korean won constituted 42.8% of the fiat trading activity in Bitcoin, surpassing the dollar and establishing itself as a dominant force in the cryptocurrency market.

Market Share of S.Korean Exchanges Increases

Excluding stablecoins and specific trading pairs, CCData’s analysis reveals a significant increase in the market share held by South Korean-based exchanges, surging to 12.9% in November, compared to 5.2% at the beginning of the year.

Notably, platforms such as Upbit have played a substantial role in driving the increased trading activity on centralized exchanges in South Korea.

This surge in trading activity aligns with a broader uptick in overall trading volume observed in October and November.

The heightened activity in the digital asset market coincides with a prevailing sense of optimism surrounding the potential approval of U.S. exchange-traded funds to include digital assets in their portfolios.

South Korea Remains on Top Despite Setbacks

South Korea, renowned for its resilient blockchain and crypto community, has navigated challenges, including the collapse of Terra in May 2022, led by Terraform Labs co-founder Do Kwon. Despite such setbacks, the nation continues to be a focal point for numerous crypto firms eyeing substantial opportunities, especially as regulatory challenges escalate in the United States.

Data indicates that South Korean traders are not only playing a significant role in the market surge but are also diversifying their influence across various digital assets.

As previously reported, analysts from CryptoQuant, a blockchain data platform founded in South Korea, disclosed that traders in the country are notably contributing to the increasing trading volume of altcoins.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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