Bithumb surpasses Upbit as Bitcoin volume surges

Bithumb, one of the main cryptocurrency exchanges in South Korea, recently surpassed Upbit due to the increase in Bitcoin (BTC) volume, according to a survey shared in the Kaiko platform data report on February 12.

According to the data, Bithumb exchange briefly became the largest Korean exchange by trading volume at the beginning of the month amid the surge in Bitcoin trading. The survey noted that Bithumb’s market share in volume compared to Upbit reached an all-time high of 72% on February 4, before falling to 34%. “This trend is notable considering that South Korean exchanges have the highest volumes of altcoins in the world relative to BTC,” the report noted.

#Bitcoin is currently trading above $48k 🎉

In our latest Data Debrief, we explore:

– #BTC market structure
– #Solana downtime
– #Korean crypto trends

and more!
https://t.co/REnuVNib43

— Kaiko (@KaikoData) February 12, 2024

“BTC-KRW trading on Bithumb has exploded since late December despite the launch of zero fees months ago. In January alone, the exchange facilitated $21 billion in BTC trades, which is more than the combined volume of BTC trades during this month in the last three years. BTC-KRW daily volume on Bithumb has exceeded the most liquid BTC trading pairs on Binance and Coinbase multiple times since late 2023,” the platform highlighted in its report.

Still on the occasion, the analysis highlighted that, although the cryptocurrency exchange Bithumb has emerged as the largest Bitcoin market in South Korea, its share of the largest cryptocurrency market has been volatile, presenting a variation that ranges from 50% to 90% in the last month and a half.

Bitcoin hits record as it rises above US$50,000 amid investor confidence

In a move that caught the attention of investors and cryptocurrency market enthusiasts, Bitcoin (BTC) surpassed the US$50,000 mark on February 12, boosting the community’s confidence in the cryptocurrency.

Bitcoin hit a new record as it rose above $50,000 amid investor confidence. The largest cryptocurrency on the market reached this price level for the first time since December 27, 2021, as noted by a recent analysis by the Santiment platform.

At the time of publication, the price of Bitcoin was quoted at US$48,900.13, up 1.3% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$46,611,128,791. In the last seven days, Bitcoin has increased its price by 14.0%.

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