Originally published on: October 31, 2024
The crypto investment scene in South Korea is on fire, driving significant profits for the country’s digital asset exchanges.
With the number of crypto investors in South Korea soaring to 7.78 million in the first half of 2024, it’s no surprise that centralized exchanges (CEXs) are reaping the benefits. The total operating profits of the top 21 local CEXs have surpassed 5,900 billion won, equivalent to a hefty $4.2 billion, showing a remarkable 106% year-on-year increase, according to reports from the country’s Financial Services Commission.
This surge in retail investors is a promising sign for the crypto market, as the influx of new capital fuels the continued growth of top cryptocurrencies like Bitcoin and Ether. As Bitcoin nearly reached an all-time high leading up to the US presidential elections, hitting above $73,600, the market is buzzing with excitement.
While some analysts speculate that Bitcoin’s current price surge may be a temporary trend, lacking the necessary macroeconomic conditions for sustained growth, the enthusiasm of South Korean investors remains unwavering.
The demographic breakdown of South Korea’s crypto investors reveals that over 68% are males, with a significant portion being males over the age of 30. Surprisingly, only 850,000 male investors in the country are aged 50 or above.
Despite the growing interest in cryptocurrencies, the average investment amount of South Korean investors remains modest, with the majority holding less than $362 worth of digital assets. However, there is a small but significant group of investors holding substantial amounts, with 10% owning more than $7,254 in digital assets.
Bitcoin continues to dominate the portfolios of South Korean investors, followed by Ether, XRP, Dogecoin, and Ethereum Classic. The crypto craze in South Korea shows no signs of slowing down, with investors eagerly participating in this lucrative market.
Don’t miss out on the latest developments in the world of finance. Subscribe to our Finance Redefined newsletter for insightful analysis, breaking news, and valuable investment opportunities delivered to your inbox every Friday. Join us in navigating the exciting world of decentralized finance and make informed decisions with confidence.
