Upbit and Bithumb Capture 98.2% Market Share in General Coins

Domestic digital asset trading is concentrated in Upbit and Bithumb, with a combined market share of 97.1% to 98.2% in general coin trading, excluding stablecoins. The market share of other exchanges such as Coinone, Korbit, and GOPAX is below 3%. Upbit maintains the top position with a monthly market share of 56.8% to 63.1%, while Bithumb recorded 28.2% to 34.7%. The market shares of smaller exchanges are relatively low, with Coinone at 3.65% to 9.08%, Korbit at 0.68% to 5.13%, and GOPAX at 0.03% to 0.28%. The combined market share of Upbit and Bithumb reaches a minimum of 87.0% and a maximum of 95.5% based on the overall market. The two exchanges dominate the trading volume in general coins, indicating a weak liquidity base for smaller exchanges. Coinone and Korbit have a high proportion of stablecoin trading, with Coinone reaching up to 81.5% in March and Korbit 92.5% in February. In contrast, Upbit and Bithumb have high proportions of general coin trading at 85.4% to 94.7% and 82.4% to 90.1%, respectively. Exchange revenues depend on the fees charged during transactions, and if trading volume concentrates on specific exchanges, liquidity is likely to form around larger exchanges. The total trading volume of the top five Korean won virtual asset exchanges decreased by 49.5% compared to the same period last year.

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