New data from market intelligence firm Kaiko reveals that South Korea is a powerhouse in cryptocurrency trading, accounting for approximately 30% of global crypto trading volume. The market is uniquely skewed, with an overwhelming 85% of this activity focused on altcoins. In contrast, Bitcoin (BTC) represents just 9% and Ethereum (ETH) 6% of the trading volume on South Korean exchanges.
This stands in stark contrast to markets like the United States, where platforms such as Coinbase see BTC and ETH pairs making up around 70% of all volumes. The South Korean preference for altcoins is attributed to a high-risk retail investment culture and local hype cycles. Weekly trading volumes on local exchanges like Upbit and Bithumb are around $2.66 billion, providing a resilient, if localized, liquidity pool for selected assets.
Specific altcoins are benefiting significantly from this environment. For instance, Enjin Coin (ENJ), a relatively older asset, recently ranked among the top five assets on Bithumb, with over 20% of its trading volume occurring against the South Korean won (KRW). This localized demand coincided with ENJ reaching a new high for 2026 and its open interest hitting a three-year peak. Other altcoins with notable activity include XRP and ZAMA, the latter also seeing a spike in open interest alongside increased trading on Bithumb and Upbit.
Meanwhile, Japan presents a contrasting picture. While its overall trading volume is lower, it boasts 3 to 5 times deeper Bitcoin liquidity than South Korea, creating a more stable environment for large orders. This is driven by greater institutional participation and a regulatory framework that favors more established assets like Bitcoin.
The analysis underscores how regional preferences shape global crypto dynamics: South Korea thrives on altcoin speculation and high retail activity, while Japan provides depth and stability for Bitcoin, highlighting two distinct strategic approaches within Asia's crypto markets.
