BCH and WAVES almost entirely occupied the trading volume on Korean crypto exchanges
Bitcoin Cash and Waves accounted for almost all the trading volume on Korean crypto exchanges at the end of June
Daily turnover on the country's largest trading floors Upbit and Bithumb reached $4 billion
Trading volumes on South Korea's Upbit and Bithumb exchanges rose sharply in the last week of June to more than $4 billion per day, of which $3.6 billion were in altcoins, according to a report from Kaiko.
The document specifies that the sharp growth in trading volume in the region was provided mainly by the token Waves (WAVES) and the cryptocurrency Bitcoin Cash (BCH). At the same time, spot trading performance in the second quarter of this year has significantly deteriorated compared to 2020 data.
"Despite the ongoing June rally, spot trading volumes in the second quarter of 2023 declined significantly to their lowest level since 2020," Kaiko analysts said.
In the first quarter of 2023, Upbit became the second largest exchange with a spot trading volume of $208 billion, a figure that was $86.5 billion more than the $121.5 billion recorded in the fourth quarter of 2022.
Bitcoin Сash began to skyrocket in value amid the decision by Citadel Securities, Fidelity, and Charles Schwab to launch the crypto exchange EDX Markets on June 20. The coin has gained 198% since its launch on EDX.
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