Bitcoin takes backseat in South Korea’s altcoin boom
A striking 93% of trades favor alternative digital assets, reflecting a major market shift
While Bitcoin's dominance in the global crypto market is well known, South Korea's crypto landscape tells a different story—where alternative cryptocurrencies, known as altcoins, appear to take the lead.
Altcoins are any cryptocurrencies other than Bitcoin. They include a wide range of digital assets, from popular options like Ethereum to newer, lesser-known tokens.
Ki Young Ju, CEO of the market analytics firm CryptoQuant, recently shared on X that an astonishing 93% of trades in South Korea involve altcoins, leaving Bitcoin with just 4% of transactions. “Every season is alt season,” he remarked, referring to the crypto term "altseason"—a period when altcoins outperform Bitcoin.
South Korea: The world's second-largest crypto market, where 93% of trades are altcoins and only 4% are #Bitcoin. Every season is alt season. pic.twitter.com/HMjFGFY22a
— Ki Young Ju (@ki_young_ju)
Ju’s insights are backed by data from January 2023 to December 2024, focusing on trading activity on Upbit, South Korea's leading crypto exchange, and the US-based Coinbase. The data reveals that altcoins dominate Upbit, accounting for nearly all traded volume in the region.
By contrast, Bitcoin maintains a strong foothold on Coinbase, although altcoins gained traction in the latter half of 2024.
South Korea’s preference for altcoins is not new. A report by web3 consulting firm DeSpread Research last year highlighted that South Korean investors often favor altcoins and locally developed tokens over Bitcoin.
“The majority of individual investors on Upbit show strong interest in altcoins with high profit potential and tend to accept the associated high risks,” the report noted, explaining why South Korea’s trading market has gravitated towards non-Bitcoin cryptocurrencies.
Globally, a similar trend seems to be unfolding. Investing Nigeria recently reported that the altcoin boom on platforms like Upbit and Coinbase reflects a broader shift in the market. Data from TradingView also indicates a decline in Bitcoin’s market dominance, suggesting that altcoins are growing in popularity.
At the same time, Blockchain Center’s Altcoin Season Index, which measures the performance of the top 100 cryptocurrencies against Bitcoin over the past 90 days, currently scores 76. This suggests that the market is firmly in altseason.
Despite this, Bitcoin remains a heavyweight in the crypto world. It recently crossed the $100,000 milestone, sparking excitement across the broader financial ecosystem.
$100,000.
— Bitcoin (@Bitcoin)
South Korea’s unique crypto preferences highlight the diverse ways in which digital assets are shaping markets around the world, with altcoins continuing to carve out a major role.
