South Korean Won Surpasses US Dollar in Cryptocurrency Trading Volume: Q1 2024 Report

According to a research report published on April 15, the South Korean won has emerged as the world’s most-traded fiat currency against cryptocurrencies in the first quarter of 2024. The report reveals that the won accounted for a whopping $456 billion worth of trading volume on centralized crypto exchanges, surpassing the trading volume of $455 billion in U.S. dollars.

The study further revealed that the South Korean won’s surge in trading volume can be attributed to the country’s growing interest in cryptocurrencies. The South Korean government has been actively promoting the use of cryptocurrencies, and many local businesses have started accepting them as a form of payment.

Additionally, the country’s crypto industry has witnessed significant growth in recent years, with several leading crypto exchanges operating in the country.

The report also noted that the South Korean won’s popularity can be attributed to its stability and reliability, which makes it an attractive currency for traders and investors looking to trade cryptocurrencies. The won’s dominance in the cryptocurrency market is expected to continue in the coming years, as the country’s crypto industry continues to grow and evolve.

During the first quarter of 2024, trading activity in the cryptocurrency market displayed a significant difference between the trading pairs denominated in US dollars and those denominated in Euros.

According to the data recorded, trading pairs denominated in US dollars had a cumulative volume of $1.2 trillion, which was significantly higher than the volume recorded in Euro-denominated pairs, which only reached $59 billion.

This means that US dollar trading pairs dominated the market, accounting for the majority of trading activity, while Euro-denominated pairs ranked third in terms of trading volume. The disparity in trading volume between the two types of pairs suggests that trading activity is more concentrated in US dollar pairs, reflecting the dominance of the US dollar as a global currency.

Also Read: Hong Kong Approves Bitcoin and Ether ETFs: A Game-Changer for Crypto Investors – Blockmagic

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