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[Alpha Biz=(Chicago) Reporter Kim Jisun] Bithumb, a virtual asset exchange, surpassed Upbit in terms of trading volume thanks to its bold new listing.
According to Coin Market Cap, a coin information platform, Bithumb's recent 24-hour trading volume stood at 4.8767 trillion won, accounting for 50.4 percent of the domestic market share as of 10:26 a.m. on the 27th. Upbit, which previously took the top spot in the virtual asset market, had a market share of 47.1% with 4.5568 trillion won in transactions.
It is the first time in about four years that Bithumb has regained its No. 1 market share. Bithumb led the domestic virtual asset market by exceeding the majority of the market share until 2019, and until mid-2020, it was in a two-way race with Upbit. However, Upbit has partnered with K-Bank for a real-name account and has grown rapidly, giving up the No. 1 operator.
Since then, Bithumb has been the second-largest operator for a long time. In the first half of this year, the market share fell to a single digit. Ahead of its 10th anniversary, Bithumb offered full free transaction fees as a special measure. This is because even if the company gives up its immediate sales, securing market share is a priority.
In order to increase the volume of transactions, the company also focused on new listing. Bithumb has decided to re-list Wemix, one of the leading kimchi coins, and newly listed Stablecoin Tether (USDT) and USDcoin (USDC). Among them, Tether accounts for 31% of Bithumb's total trading volume and leads the increase in trading volume.
Not only the No. 1 and No. 2 exchanges, but also the lower-tier exchanges are turning around, with the No. 4 Korbit surpassing Coinone. Looking at the market share of the won exchange, Korbit was 126.8 billion won (1.31%), Coinone was 99.5 billion won (1.03%), and Gofax was 14.6 billion won (0.15%).
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
