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South Korea’s crypto market is doing just fine, thanks for asking. Upbit, the country’s dominant exchange, posted weekly trading volume of 11.2 trillion won, roughly $8 billion, for the most recent reporting week. That figure represents a 6.74% jump from the prior week, and XRP claimed the top spot among the most actively traded assets on the platform.
The trading hierarchy on Upbit for the week placed XRP first, Bitcoin second, and USDT third. XRP/KRW pairs have repeatedly surpassed BTC/KRW in daily and weekly rankings over the past year, with Korean traders dealing directly in won-denominated pairs rather than routing through dollar-based stablecoins.
XRP has captured the largest share of volume spikes during periods of heightened activity, including recent daily peaks where Upbit’s trading volumes soared over 270%, with single-day figures reaching as high as $3.81 billion.
Upbit is operated by Dunamu and sits comfortably at the top of the South Korean exchange hierarchy. Its closest domestic competitor is Bithumb, though Upbit’s volumes have consistently run ahead. The exchange has over 12–13 million registered users historically noted as active participants.
For anyone tracking global crypto demand, the Upbit data carries a few implications worth sitting with. XRP sits well outside the top two by market cap globally, but by trading activity on one of Asia’s most active exchanges, it routinely competes with Bitcoin for the top slot. Strong local demand for XRP/KRW can support price floors and reduce volatility in ways that are not immediately visible if you are only watching dollar-denominated order books on Western exchanges.
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