South Korean traders have been very excited about the recent price increase in Bitcoin (BTC) and digital assets.
According to data provided by Coin Dance, the weekly LocalBitcoin volume has set a new record a few days ago. Just last week, South Koreans exchanged 22 Bitcoin, the second largest amount since July 2017.
LocalBitcoin Volumes In South Korea Keep Growing
Since Bitcoin dropped from $6,000 to $3,200, South Koreans are exchanging more Bitcoins as the weeks pass. This bull trend seems to be closely related to the price increase in Bitcoin during the last two months, in which Bitcoin moved from $4,100 to $8,800.
Since May 1, Bitcoin’s price surged more than 66 percent and the digital currency has reached the same price that it had in May last year. At the same time, analysts are expecting the most popular crypto to reach new highs in the near future.
Koreans are very active in the crypto market and their currency plays an important role in the market. According to data provided by Coinhills, the Korean Won is the third most traded virtual currency against virtual currencies.
However, Coinhills has very inaccurate data. Indeed, there are some fiat currencies that are wrongly measured in terms of trading volume.
According to a recent report cited by Messari, the number of investors that is investing in virtual currencies in South Korea increased from 6.4 percent to 7.4 percent. Moreover, the report says that South Korea tended to invest as much as 64.2 percent during the last 12 months. At the same time, retail investors have invested about $6,100 each in digital assets.
This price increase that Bitcoin had is clearly helping investors enter the market. The price surge is also attracting individuals to the crypto space, something that could clearly be bullish for Bitcoin.