Apr 17, 2024

According to Kaiko data, Upbit has been the dominant player in the South Korean crypto markets since 2021 with an average market share of 82%.

Video transcript

The chart of the day is presented by crypto.com, the leading crypto platform trusted by over 80 million users worldwide. Let's take a look at the chart of the day. It seems the crypto fee war is heating up in South Korea. According to Kio data, Abit has been the dominant player in South Korean crypto market since 2021 with an average market share of 82%. The analytics firm says competition has intensified during the recent bull run with bit them and Corbitt launching aggressive zero fee campaigns late last year. The chart shows that Corbett's market share did not significantly increase after the campaign but bit tripled in the months following. Unfortunately, the zero fee campaign was discontinued earlier this year after the exchange reported a significant drop in revenue for 2023. This competition among Korean exchanges has boosted trade volume on Korean markets which hit the highest level in more than two years in March. That's it for today's chart of the day. I'm Jen San Asi. We'll see you next time to unpack more of the data behind top news stories.

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