Cryptocurrency Market Rallies
Cryptocurrency exchange UPbit recorded a 24-hour trading value of 12,438.2 billion won at 08:55, Aug. 30. The combined trading value at the four major exchanges including UPbit was 13,841.8 billion won at that moment, whereas KOSPI recorded a trading value of slightly over 11 trillion won on Aug. 27.
These days, the South Korean stock market is sluggish unlike the local cryptocurrency market. KOSPI fell for eight trading days in a row from Aug. 5 to 17 and the daily trading volume on Aug. 27 was 520.67 million shares, the lowest since Oct. 29 last year.
On the other hand, altcoins are reinvigorating the local cryptocurrency market these days. On Aug. 30, BCHA and SAND showed the highest rates of return at UPbit and their trading values were 2,737.8 billion won and 1,197.6 billion won, respectively.
The cryptocurrency market rallied early this year, led by celebrities such as Tesla CEO Elon Musk. It is said that the current rally is different in nature. In the meantime, Amazon released a job posting for cryptocurrency experts on July 23 and then denied rumors about introducing a cryptocurrency-based settlement system.