South Korea Sees Rapid Growth in Crypto Market

A recent report indicates that more than 30% of the South Korean population holds cryptocurrencies, with investors now holding over 100 trillion won in assets. The country’s crypto market is booming, with the number of investors reaching 15.59 million by the end of November.

Record-Breaking Figures

The latest data, shared by Democratic Party lawmaker Lim Kwang-hyun, shows an increase of 610,000 investors from the previous month. This surge is likely fueled by optimism in the market. The total value of cryptocurrency held by South Korean investors reached a record 102.6 trillion won (around $78 billion) in November, up from 58 trillion won in July.

The average amount held by each investor surged to 6.58 million won, a significant increase from previous months. However, the data does not specify which cryptocurrencies are most popular among investors.

Trading Activity and Market Stability

In terms of trading activity, the daily trading volume on South Korea’s top five crypto exchanges — including Upbit, Bithumb, Coinone, Korbit, and GoPax — reached nearly 15 trillion won in November. This figure almost matches the daily trading volume of the country’s stock markets.

However, some warn that the market is growing too fast. Lawmaker Lim Kwang-hyun has asked the government to ensure the crypto market remains stable and to protect consumers from possible risks. The authorities’ next steps in addressing these concerns are still unclear.

For those looking to invest in cryptocurrencies, here are some key tips to consider:

  • Conduct thorough research on the market and the cryptocurrencies you’re interested in.
  • Set a budget and stick to it.
  • Consider diversifying your portfolio to minimize risk.
  • Stay up-to-date with market news and trends.

Stay informed about the latest developments in the world of cryptocurrency and blockchain by following Global Crypto News.

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