Up 1,000% in January YoY
The won-based Bitcoin trading volume at the top two domestic cryptocurrency exchanges increased approximately 10-fold in just one year.
Specifically, the trading volume at UPbit, which had been 1,627.9 billion won in January 2020 and less than three trillion won until October, jumped to 3,921.9 billion won in November and 7,241.4 billion won in December. In January this year, it soared to 18,276.8 billion won, up 1,022 percent from a year earlier.
Likewise, at Bithumb, the trading value spiked from 1,305.9 billion won to 12,086.9 billion won from January to December last year. At present, Bithumb’s trading fee rate is 0.04 percent to 0.25 percent and that of UPbit is 0.05 percent.
Their trading fee revenues are estimated to have increased about 10-fold in proportion to the trading value. Even in 2019, when the cryptocurrency market was stagnant, the operating profits of Bithumb and UPbit reached 67.7 billion won and 53.8 billion won, respectively.