Binance Korea Keeps the Presence in the Rising Market

Following bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) have risen significantly since last month, while Binance Korea virtual asset exchanges are also maintaining their presence in the global market.

According to CoinMarketCap on the 24th November, Upbit (www.upbit.com) ranks 5th and Bithumb (www.bithumb.com) 6th in the ranking of the world's virtual asset exchanges based on transaction volume. On the 23rd, it was 5th in Bithumb and 9th in Upbit.

In addition to the two major exchanges, other Binance Korea exchanges also maintain the top rankings. As of the 24th, Coinone (coinone.co.kr) ranked 15th, korbit (www.korbit.co.kr) 29th, and BinanceKR 31st.

◆ Ripple rises and upbit daily transactions exceed 2 trillion won

In particular, as the price of Ripple (XRP), which has a large number of Korean investors, surged on this day, the trading volume of domestic exchanges also surged. As of 1:30 pm on the 24th, Upbit's 24-hour trading volume exceeded 2 trillion won. This is an increase of more than 104% from the previous day.

Among them, Ripple (XRP)'s transaction volume accounted for more than 1 trillion won, leading up to Upbit's trading volume ranking. As of 3 PM, the 24-hour trading value of Ripple (XRP) is about 1.5 trillion won, more than 9 times the trading volume of Bitcoin (BTC).

Upbit evaluated that as interest in virtual assets has increased due to the recent price hike, investors' interest has gathered at Upbit, a large exchange. An official of Upbit said, "We will continue to change and develop so that many people who are considering investing in virtual asset can be selected."

◆ Bithumb's performance until the third quarter ‘doubled’ last year’s overall performance

The presence of Binance Korea exchanges was also reflected in the performance. By the third quarter of this year, Bithumb's net income exceeded that of last year.

According to vidente's (vidente.co.kr) quarterly report released on the 16th, Bithumb's net income until the third quarter of this year is 87.3 billion won. In the third quarter, it has more than doubled its net profit of 37.2 billion won last year.

Vidente is the largest shareholder of Bithumb Holdings, a holding company of Bithumb Korea, and has classified Bithumb Korea as an affiliate and disclosed financial information. Vidente said, "During the previous year, the acquisition of an additional stake in Bithumb Holdings led to significant influence over Bithumb Holdings and its subsidiary, Bithumb Korea, and reclassified it as an investment in associates."

◆ “Kimchi premium” disappeared, but Korean investors are still “big hands”

The high volume of transactions on domestic exchanges suggests that Korean investors still have influence in the global market. The 'Kimchi Premium', which has a higher price in Korea, has disappeared, but it is still playing a role in the global market.

Virtual asset information site Xangle recently published <Korea Virtual Asset Market Report> with blockchain data analysis company Chain Analytics. According to this report, among the 154 countries analyzed, Korea's transaction volume (transaction volume received on the blockchain) ranked third after China and the United States. The analysis period is from June last year to June this year, and the amount of money is 2200 dollars (about 250 trillion won).

Xangle said that “Recently, Korean investors are gradually changing to invest based on confirmed information rather than rumors.” “The market is advanced from a speculative tendency in the past to make decisions using various information.” 

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