Altcoin boom finds its epicenter in South Korea

South Korea is still a major market for altcoins, supporting a small selection of assets with resilient liquidity. Despite the lack of a clear altcoin market, some assets remain appealing to South Korean investors. 

South Korea is the exception to the general outflow from altcoin markets. Recent research shows South Korean exchanges carry around 30% of global crypto trading volumes. 

According to Kaiko’s research, 85% of that activity is linked to altcoins, while BTC and ETH carry a much smaller weight. 

Korea accounts for 30% of global crypto trading volume, with altcoins representing 85% of this activity, Bitcoin just 9%, and Ethereum 6%. pic.twitter.com/64ND9lGCH4

— Kaiko (@KaikoData) April 15, 2026

The ratio is skewed from the usual dominance of BTC and blue-chip assets. On Coinbase, which caters to US-based traders, BTC and ETH pairs make up 70% of all volumes.

Why is South Korea an altcoin hub?

Over 85% of volumes in South Korea come from altcoins. At the same time, the share of altcoin trading on Binance is down to around 30%. 

South Korean listings are relatively conservative, and the exchanges carry altcoins from previous bull markets. The KRW pairs also mean the available liquidity is localized rather than global. Since the exchanges are not dependent on the inflow of altcoins, some altcoins benefit from local hype and the general high-risk retail investment culture. 

Weekly trading volumes on local exchanges are at around $2.66B, a relatively low baseline. South Korean exchange trading, including Upbit, Bithumb, and KuCoin, may also affect futures markets for selected assets. 

Overall, trading in Southeast Asia has shifted to a lower baseline. Japan’s market supplements a steady volume of $20-$30B weekly, while providing significant liquidity for BTC trading.

Which altcoins benefit from trading in South Korea? 

One notable effect of South Korean exchanges is that trending coins also spark acceleration on derivative markets. For instance, Enjin Coin, a relatively old asset, was among the top 5 assets on Bithumb as of April 15. 

Over 20% of ENJ volumes are against the South Korean won, allowing the asset to achieve a strong trend. Coinciding with the Bithumb rally, where ENJ reached a new high for 2026, open interest also increased to a three-year high. 

Other altcoins with significant activity on South Korean markets include XRP and the recently trending ZAMA. In the case of ZAMA, open interest also spiked in accordance with the increased Bithumb and Upbit trading. 

However, for tokens trading on South Korean exchanges, futures still depended on Binance. Those assets may be watched by international traders, making use of strong directional moves to also benefit from the more easily available futures markets. 

South Korean markets are still isolated due to local banking regulations, and foreign traders have found a workaround through Binance or perpetual futures platforms. However, not all older altcoins are available as perpetual futures. 

The recent examples of altcoin activity show that not all assets were abandoned, as long as they could attract sufficient liquidity and gain a clearer direction.

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