Localbitcoins sets new trading volume record from South Korea during bull market

28 May, 2019 | Updated: 28 May, 2019
by Fifi Arisandi
Exchange
Localbitcoins sets new trading volume record from South Korea during bull market

LocalBitcoins saw a huge increase of crypto transaction from South Korea on their platform, which seems to also happen in other exchanges as Korean won became the 3rd most-used fiat currency to buy Bitcoin across the world. 

The crypto market has seen good days in the last couple of weeks, so has crypto exchange LocalBitcoins.

The exchange has been seeing an influx of funds in Won, South Korean currency on their platform during the recent bull market.

Data from CoinDance reveals that the weekly volume on the P2P trading platform set a new record of over $183,500 (217.5 million won) being traded.

The volume is said to have had increased steadily since the beginning of May, which is consistent with the start of the recent crypto rally.

On the week ending May 25th, the total transaction was even higher with $186,000 (220 million won) worth of Bitcoin being were traded.

The trend apparently also happens at other exchanges as statistic from Coinhills reveals that Korean won (KRW) is the third most-used fiat currency to purchase BTC all over the world, which accounts for 2.81% of worldwide transaction.

Another data from Messari.io says that in the last 12 months, crypto investment from South Korea has increased by 64.2%, with an average amount spent around $6,100, which is almost twice the amount back in 2018.

Meanwhile, the number of crypto investors also grew from 6.4% to 7.4% within last year alone, based on the survey to 6 major cities in South Korea, as reported by Bitcoinist.

All the credit goes to the rally that has helped South Koreans to fall in love again with crypto. Keep on rallying cryptos!

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