Bitcoin Price Surge Drives Record Crypto Market Growth in South Korea

The crypto market in South Korea sees 15.59 million investors, with a record surge in Bitcoin price and trading volumes in November.

South Korea's crypto market had a record 15.59 million investors in November, thanks to the soaring Bitcoin price and trading volumes.

By the end of last month, a huge 15.59 million people in the country were involved in virtual assets, the Bank of Korea stated. That works out at over 30% of the total population and investors in these funds held assets worth a total US$79 billion. Cryptocurrencies are now trading at close to domestic stock market levels.

Optimism over the U.S. presidential election drove growth in investors, with the promise of President elect Donald Trump supporting the virtual asset industry luring many new investors in.

“That excitement about what he was promising got a lot of people into the market. A lot of people got into the market because of the excitement over his promises.”

Investors have been steadily increasing in the South Korean crypto market, with 14.98 million people investing in cryptocurrencies at the end of October last year.

The number of investors then grew by 610,000 to 15.59 million in November, highlighting the increasing interest in the crypto market.

Bitcoin Price Surge Drives Record Crypto Market Growth in South Korea

The rising price of Bitcoin is also boosting investors in the market, with the price of just one Bitcoin surging from 105 million won at the end of October to 135.8 million won by the end of November.

The price jump attracted more people to the market.

By the end of November, South Korean investors held a total 102.6 trillion won in virtual assets, which is a massive jump from 58 trillion won at the end of October.

Investors also held more virtual assets than previously, on average. It rose from 3.87 million won October to 6.58 million won in November.

Deposits, or funds sitting there waiting for an investment, also grew. According to the table, by the end of November, 8.8 trillion won was deposited in exchanges compared to only 4.7 trillion won in October. This shows that investors are keeping more funds for the future investment.

Meanwhile, trading volumes have also risen significantly in South Korea. The average daily trading volume was 14.9 trillion won in November.

The trading volume is higher than the daily trading volume of the combined KOSPI and KOSDAQ stock markets.

Lawmakers are now demanding that the government takes action and ensures the market is stable and safe for investors.