Bitcoin rally sparks 273% surge in Upbit trading volume

Bitcoin’s rally drove Upbit’s trading volume up 273% to $1.84B, its highest since March. XRP led trading on both Upbit and Bithumb, which also saw a 132.9% volume jump to $934.9M.

A sharp rally in Bitcoin has sparked a significant resurgence in trading activity on South Korea’s largest cryptocurrency exchanges. Upbit’s 24-hour trading volume soared by 273% to approximately $1.84 billion, marking its highest daily volume since mid-March. XRP led trading on both Upbit and Bithumb, with XRP’s volume on Upbit reaching about $418.9 million—surpassing Bitcoin, USDT, and Ether. Bithumb’s daily volume also jumped 132.9% to $934.9 million, with XRP as the most traded asset. This surge follows months of subdued crypto activity in South Korea, as investors had previously favored domestic equities amid a strong KOSPI performance. While the renewed interest in digital assets is notable, analysts caution that it remains to be seen if this marks a sustained shift of capital back into the crypto market.