Upbit remained the largest cryptocurrency exchange in South Korea as a late-August market rebound drove traders back to domestic platforms. The exchange recorded about $1.04 billion in 24-hour spot trading volume, putting it ahead of the rest of the local field by a wide margin.
That total was higher than the combined turnover of its three closest Korean rivals, Bithumb, Coinone and Korbit. The pickup in activity followed bitcoin’s move above $80,000 in August, a rally that the source article said helped bring retail money back to local order books.
Upbit stays out front
Upbit, which is operated by Dunamu, has held the top position in South Korea’s crypto market since 2017. In the latest snapshot cited by the source, it handled roughly $1.04 billion in spot trades over 24 hours.
The exchange’s lead was notable because Bithumb, Coinone and Korbit together still did not match Upbit’s daily total. The figures reported for those rivals were about $632.6 million for Bithumb, $67.9 million for Coinone and $11 million for Korbit.
Rally reverses slower trading conditions
The increase came after a quieter stretch for the market. Before the latest rally, Upbit’s daily turnover had generally moved between 300 billion won and 600 billion won, according to the source article.
That changed as bitcoin climbed past $80,000 in August. During the surge, Upbit’s daily turnover briefly rose to 4.61 trillion won, while Bithumb also moved above 2 trillion won over the same period, reflecting a broad rebound in activity rather than a gain isolated to one platform.
Exchanges compete with listings and fee cuts
The competitive picture is not based on volume alone. Upbit lists more than 180 tokens, while Bithumb offers more than 440 assets, showing that the market leaders are taking different approaches to attracting users.
Smaller exchanges have also tried to narrow the gap by cutting trading costs. Coinone removed trading fees on all listed coins, and Digital X, the operator of Korbit, introduced zero-fee trading through August 2027. Upbit has also extended fee waivers on some tokens, including stablecoins such as USDT.
What to watch next
For now, the main confirmed trend is that trading has returned as crypto prices recover, with Upbit still firmly in first place in the domestic market. The latest numbers suggest Korean retail participation has strengthened alongside the broader rally.
Attention is also likely to remain on how competition develops among smaller exchanges and whether Korbit’s position changes amid potential acquisition talks mentioned in the source article. Beyond that, the next clear signal for the market will be whether elevated local trading volumes hold after the recent bitcoin-driven jump in activity.
Source: Cryptopolitan