Key Takeaways:
- Korea accounts for 30% of global cryptocurrency trading volume, according to recent Kaiko market data.
- Altcoins dominate the South Korean market at 85% of total activity, while Bitcoin lags at just 9%.
- Japan processes much lower total volumes but offers Bitcoin market depth that is three to five times deeper than South Korean exchanges.
A Massive But Speculative Market
South Korea has established itself as one of the primary driving forces behind cryptocurrency trading volumes across the globe. Data from market analytics firm Kaiko reveals that the nation is responsible for 30% of the total trading volume of cryptocurrencies worldwide.
Korea accounts for 30% of global crypto trading volume, with altcoins representing 85% of this activity, Bitcoin just 9%, and Ethereum 6%. pic.twitter.com/64ND9lGCH4
— Kaiko (@KaikoData) April 15, 2026
In South Korea’s domestic exchanges, the total trading volume comes to $26 billion per week, or approximately $2.6 billion per day. However, most of this volume comes from altcoins.
The data also shows that altcoins account for 85% of the total trading activity in South Korea, with Bitcoin and Ethereum collecting only 9% and 6% of the market share, respectively.
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Retail Trading Drives the Narrative
The overwhelming popularity of altcoins indicates that the driving force behind South Korea’s crypto market is retail traders. The two primary exchange houses that control the majority of the domestic market, Upbit and Bithumb, account for 96% of domestic trading volumes.
These domestic exchanges are responsible for the continuous influx of speculative retail traders looking to invest in the next big crypto asset rather than hold onto a valuable store of value such as Bitcoin.
The public announcement of these market figures from Kaiko has received a significant amount of attention from cryptocurrency industry platforms within the nation. South Korea is the primary market for altcoins worldwide.
South Korea vs. Japan: Diverging Market Structures
South Korea may boast the highest trading volumes in the nation, but Japan has a more stable cryptocurrency market that institutional investors depend on. Despite South Korea’s growing influence over the crypto market, Japan processes relatively flat volumes of cryptocurrency.
Japan’s domestic exchanges process an average of $2 billion to $3 billion in cryptocurrency trading volumes per month, which is comparatively low when contrasted with South Korea’s $26 billion volumes per week.
However, Japan maintains a strong focus on the top cryptocurrencies in its market. The size of the Bitcoin 1% market in Japan is three to five times deeper than that of South Korea. This allows large financial institutions in Japan to conduct block trades in crypto without significantly impacting the asset’s price.
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