The crypto boom in South Korea is a term often used by local media to describe the current craze in the Asian country. In fact, a recent study shows that South Koreans are increasingly investing in small-scale cryptocurrencies.
New crypto investors think they are not afraid of strictrules.
According to a market analysis study on virtual currencies conducted by Edaily-listed big data firm IGA Works, nearly 60 percent of new cryptocurrency investors in the country are between the ages of 20 and 30. It should be noted that this segment of traders often prefers to invest smaller amounts in cryptocurrencies, up to $100.
But the study went further, saying that South Korean cryptocurrency investors are looking for bitcoin (BTC) and cryptocurrencies with the highest market value between 20 and 30 years old.
The trader, named Mr. A, reported that he spent about 100,000 Korean Won ($88) of his salary on BTC and other altcoins every month.
IGA Works says the number of monthly users of cryptocurrency apps crossed the three million mark for the first time in February. Nevertheless, the company considers this figure a milestone, as fears of stricter regulation of national stock markets do not deter investors.
Yet experts quoted by Edaley think this trend of small crypto investments is due to the massive warnings against allocating money to crypto.
Especially those who caution against investing large sums in cryptocurrencies, given the high volatility the bull market has brought.
South Korean cryptocurrency investors have made transactions worth more than $7 billionin just two months.
But cryptocurrency fever is still present among South Koreans. As Bitcoin.com News reported in early March, domestic cryptocurrency investors made money between 1. January and the 25th. February 2021: about $7 billion in sales per day. Moreover, according to the data, 42% of the average volume was traded on the COSPI exchange.
The study was compiled by Kim Byung Wook, a Democratic congressman, who pulled data from Bitumba, Upbeat, Corbit and Koinone, the largest regional cryptocurrency exchanges.
What do you think of the trend identified in the study? Let us know your comments in the section below.
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