(Bloomberg) -- South Korean crypto traders appear to be growing in influence during the recent rally that has seen Bitcoin surge more than 50% to the highest price level in almost two years.
In November, the won overtook the dollar as the largest fiat trading pair in crypto for the first time, according to data compiled by CCData. That excludes trading volume for stablecoins and some other trading pairs, the market data provider said. Stablecoins are by far the largest trading pair for other cryptocurrencies. CCData began tracking the data in 2021.
South Korea has long been known for its strong blockchain and crypto community. Terraform Labs co-founder Do Kwon, the person behind the failed ambitious algorithmic stablecoin TerraUSD, was born and raised in the nation. The crypto community in Korea took a hit after Terra collapsed in May 2022. Even so, the country is seen by many crypto firms offering a huge opportunity, as the regulatory pushback deepens in the US.
The won was exchanged for Bitcoin in 42.8% of fiat trading activity in the largest cryptocurrency in November, CCData says. From September to the present, the won's market share increased by about 17% to around 41%, while the dollar's share decreased 11% to around 40% of activity.
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