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Points of Focus
- Upbit’s 24-hour volume jumped about 209% to $1.77 billion as Korean crypto trading accelerated.
- XRP led Upbit with about $525 million in volume, well ahead of Bitcoin at $296 million.
- Bithumb volume rose 289% to $854.5 million, with XRP also ranking as its most-traded crypto.
Trading on South Korea’s Upbit has surged as crypto prices rebound, with XRP (XRP) taking the top spot ahead of Bitcoin. The jump marks a sharp pickup in activity after months of weaker trading across Korean exchanges.
CoinGecko data showed Upbit processing $1.77 billion over 24 hours, up 209%. XRP/KRW led with $525 million in volume, while Bitcoin ranked second at $296 million.
据 CoinGecko 数据，Upbit 过去 24 小时交易量增长 223.8%，升至 16.7 亿美元；比特币持续在 75,000 美元上方交易，创逾 3 个月以来新高。（The Block）https://t.co/DfSkBAp7IM
— 吴说区块链 (@wublockchain12) August 21, 2026
XRP leads trading on Korea’s top crypto exchanges
XRP’s lead extends beyond Upbit. Bithumb, South Korea’s other major exchange, recorded $854.5 million in 24-hour volume, up 289%. XRP/KRW was again the most active pair at $261.5 million, ahead of Bitcoin at $212 million.
XRP ranking first on both venues shows the concentration isn’t confined to one exchange. Bitcoin remains a major source of turnover, but Korean traders are directing more activity toward XRP during the latest market rebound.
The move doesn’t yet confirm a sustained rotation into altcoins. Min Jung, research analyst at Presto Research, has previously described Korea’s crypto market as highly sensitive to shifts in retail capital, with money moving between equities and crypto as relative returns change. His April research documented a visible rotation out of domestic crypto exchanges as the KOSPI rallied.
Korean crypto trading rebounds after weak first half
The surge follows a difficult first half for Korea’s largest exchanges. Upbit operator Dunamu reported operating revenue of 408.1 billion won, down 49.1% year-on-year, while net profit fell 74.1% to 108.4 billion won. Bithumb’s revenue dropped 48.7%, and the exchange swung to a 108.7-billion-won net loss.
Kaiko, a crypto market data provider, noted on X that Upbit accounted for roughly 70% of Korean crypto trading volume during 2025. That gives changes in Upbit activity more weight when assessing shifts in Korea’s crypto market, though a short-term volume spike doesn’t establish that the higher activity will persist.
UPbit's trading volume accounted for ~70% of total Korean crypto trading volume in 2025.
Read the report below 👇 pic.twitter.com/SV1RRkMkgG
— Kaiko (@KaikoData) January 22, 2026
South Korea had 11.13 million accounts eligible to trade crypto at the end of 2025, according to Financial Services Commission data. Average daily domestic trading volume was 5.4 trillion won during the second half of 2025.
In CoinGecko’s latest data, XRP/KRW remained Upbit’s largest pair at $525 million versus $296 million for BTC/KRW.
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