South Korea’s Crypto Investor Base Soars by 21%, Reaching 7.78M in the First Half of 2024
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Highlights:
- South Korea’s crypto investor base soared by 21% to 7.78 million in 2024’s first six months.
- The Asian nation also witnessed a 67% jump in daily transactions as market capitalization recorded a 27% spike.
- Men in their thirties dominated the digital assets holders pool.
South Korean crypto assets investors have skyrocketed, hitting over 7 million in this year’s first half. The Financial Intelligence Unit (FIU) of the Financial Services Commission reported the findings in one of its documented publications.
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📢JUST IN: SOUTH KOREA’S CRYPTO INVESTOR BASE SURGES BY 21% TO 7.78M IN 2024, ACCORDING TO NEW OFFICIAL REPORT
— BSCN Headlines (@BSCNheadlines) October 31, 2024
According to the October 31 publication, crypto investors in South Korea struck 7.78 million in only the first half of this year. The value represents a 21% increment from the 6.45 million recorded in 2023’s second half. Within the same timeframe, the report revealed that the average daily transaction volume in the Asian nation soared by about 67%. For context, it jumped from 3.6 trillion won to 6 trillion won.
Other aspects of the report disclosed a 27% upswing in virtual assets market capitalization. According to the FIU, the market cap attained a 55.3 trillion won valuation in the first six months of this year. Local digital assets enterprises also registered spiking statistics. Notably, the publication spotted a 106% increment that skyrocketed twenty-one enterprises’ profits to about 590 billion won.
South Korea’s cryptocurrency investor population has surged to new heights, reaching 7.78 million in the first half of 2024, up 21% from the 6.45 million reported in the latter half of 2023.
The data, released by the Financial Intelligence Unit (FIU) of the Financial Services… pic.twitter.com/30sHiQjrbu
— XXKK (@XXKK_OFFICIAL) October 31, 2024
Surged Metrics Driving Factors
The FIU attempted to identify possible reasons for the soaring metrics. Among the few highlighted factors, Bitcoin’s (BTC) remarkable price actions in 2024 topped the list. Notably, BTC attained its $73,737.94 all-time high (ATH) after breaking above the previous $69,000 peak in March this year. The token is attempting to establish a new peak value, having severally neared its ATH.
At the time of writing, BTC is changing hands at roughly $72,200, reflecting a slight 0.6% increment in the past 24 hours. Meanwhile, per the FIU, BTC has surged above 100 million won. Within 24 hours, the flagship crypto displayed price extremes ranging between $71,430.19 – $72,859.57. Hence, it underscores BTC’s recent remarkable run, especially its tendency to break above its peak price for the second time in a year.
#Bitcoin is about to go parabolic very soon! pic.twitter.com/A1fTWjIWgr
— Mister Crypto (@misterrcrypto) October 31, 2024
Aside from BTC’s impressive price showings, the document spotlighted Bitcoin Exchange Traded Funds (ETFs) and the United States presidential election’s positive roles. Part of the document disclosed: “The inflow of funds into the US Bitcoin spot exchange-traded fund ( ETF ) and the US presidential candidates’ announcements of virtual asset support policies have spurred the rise in virtual asset prices.”
Males Aged 30 and Above Dominated the Virtual Assets Holders Pool
Capping off an all-encompassing research study, the FIU added detailed statistics of the holders’ pool. According to the publication, men in their thirties are the highest holders of crypto assets. They accounted for 1.58 million of the holders’ base. Men in their forties were 1.5 million, those below twenty years were 1.08 million, and males in their fifties were 850,000.
Notedly, men contributed 68% of the virtual assets holders pool, which invariably implies that 32% were women. Meanwhile, 67% (5.28 million) of traders own assets valued below 500,000 won. Those holding digital assets worth over 10 million won were 780,000, which represents 10% of South Korean crypto investors. 104,000 (1.3%) digital assets holders hold valuables worth over 100 million won, while only 3,500 crypto investors own over a billion won in cryptocurrencies.
As expected, BTC ranked as the most popular digital asset among South Koreans. 37.2% of crypto enthusiasts owned the token. Ethereum (ETH) followed closely with 11.1%. Others include Ripple’s XRP at 10.6%, Dogecoin (DOGE) at 2.8% and Ethereum Classic at 2.7%.
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