Altcoins Surge as ETH and XRP Dominate Volumes in Korea
1. Market Overview
Last week, API3, Aerodrome Finance, and BIO Protocol were newly listed on Korean exchanges, drawing attention to mid-cap narratives. Trading remained concentrated on majors, with ETH ($3.44B), XRP ($2.48B), and BTC ($1.37B) leading Upbit, while XRP ($1.12B), ETH ($1.12B), and USDT ($743M) topped Bithumb. Altcoins like SOL, DOGE, ADA, and LINK also ranked high on both platforms, showing steady retail participation beyond blue-chip assets. Upbit maintained its dominance, peaking at $10.5B on Aug 24 versus Bithumb’s $1.2B.
Mid-cap altcoins drove weekly gains, led by QTUM (+57%), ONT (+33%), and NEO (+27%) on Upbit, reflecting renewed interest in established ecosystems. On Bithumb, speculative moves dominated, with PROMPT (+180%) and XTER (+155%) surging, alongside strong performances from FLOCK, BIO, and QTUM. The overlap in winners like QTUM, ONT, and NEO signals synchronized retail demand, while Bithumb’s extreme moves highlight its higher-risk trading environment.
2. Exchanges
2-1. Newly Listed Coins
Last week, major Korean exchanges introduced several new listings:
- Upbit listed API3, Aerodrome Finance.
- Bithumb listed Bio Protocol.
| Date | Upbit | Bithumb |
|---|---|---|
| 8/18 (Mon) | ||
| 8/19 (Tue) | API3(API3) | Bio Protocol (BIO) |
| 8/20 (Wed) | ||
| 8/21 (Thu) | ||
| 8/22 (Fri) | Aerodrome Finance (AERO) |
Key Marketing Strategies & Takeaways
🔹 Bio Protocol(BIO)
BIO Protocol is a decentralized science (DeSci) platform designed to fund, develop, and share biotech research using blockchain technology. Positioned as a financial infrastructure layer for DeSci, it enables community-driven funding through its launchpad, allowing decentralized science projects to raise capital directly from participants. Backed by Binance Labs and supported by prominent figures like Arthur Hayes, who personally invested $1M, BIO has quickly become one of the most talked-about projects within the DeSci space.
In Korea, community interest has grown rapidly following its exchange listing, with discussions centered on its innovative launchpad mechanism. Similar to platforms like Virtual, users can accumulate XP through various engagement activities and pledge BIO tokens to secure allocations for new projects. Early adopters are already sharing strategies on maximizing participation, and KOLs have highlighted the potential upside given its resemblance to previous successful cases. At the same time, Arthur Hayes’ large-scale purchase and Binance’s involvement have boosted investor confidence, framing BIO as “smart money–approved” in community sentiment.
Despite limited Korea-specific marketing, BIO has captured attention organically thanks to its strong fundamentals, high-profile backers, and the growing DeSci narrative. Its positioning at the intersection of biotech, IP commercialization, and on-chain financing continues to resonate with Korean traders and retail participants seeking early-stage, high-engagement opportunities.
2-2. Trading Volume
Last week, Upbit maintained a consistently higher trading volume compared to Bithumb across most days. Upbit’s daily volumes ranged from approximately $2.4 billion to $10.5 billion, peaking on 7/24 and 8/24, while Bithumb’s volumes were significantly lower, fluctuating between $400 million and $1.2 billion. This disparity highlights Upbit’s dominant market activity during the period.
Looking at individual cryptocurrencies, ETH led trading on Upbit with $3.44 billion, followed by XRP at $2.48 billion and BTC at $1.37 billion. On Bithumb, XRP topped the list with $1.12 billion, slightly ahead of ETH at $1.12 billion, and USDT at $743 million. Notably, several altcoins such as SOL, DOGE, ADA, and LINK also featured prominently on both exchanges, indicating active participation in diverse assets beyond the major cryptocurrencies.
The daily trend shows that both exchanges experienced a decline in volume from late July into early August, followed by a gradual recovery mid-month, with Upbit showing a sharper rebound reaching $10 billion on 8/24. Bithumb’s volumes increased more moderately, peaking at $1.2 billion on the same day. The consistent gap between the two exchanges emphasizes Upbit’s stronger liquidity and higher trading engagement throughout the analyzed period.
2-3. Top 10 Gainers
Last week, Upbit saw QTUM lead the weekly gains with a 57.07% increase, followed by ONT at 33.16% and NEO at 27.42%, while other notable performers included AAVE, ONG, and GAS, reflecting a strong recovery in mid-cap altcoins. The majority of top gainers on Upbit were established altcoins, indicating focused trading interest among assets with proven liquidity and market presence.
Bithumb displayed even more dramatic price movements, with PROMPT surging 180% and XTER rising 155.26%. Other significant gainers included FLOCK, BIO, and QTUM, with increases ranging from 59.42% to 74.25%. Compared to Upbit, Bithumb’s top performers were more volatile and included smaller or emerging projects, highlighting higher speculative activity on that platform.
The overlap between the exchanges, such as QTUM, ONT, and NEO, shows consistent interest in certain mid-tier altcoins across platforms, while Bithumb’s extreme outliers indicate a separate, more speculative trading environment. Overall, both exchanges exhibited strong altcoin momentum, but Bithumb’s top gainers were characterized by higher volatility and rapid price swings compared to Upbit.
3. Korean Community Buzz
3-1 Upbit Expands Community Presence & Signals Mass Adoption
Upbit made headlines this week by launching its official Telegram group (@upbit_news), joining Bithumb in building direct communication channels with users. To kick things off, Upbit hosted a subscriber giveaway campaign, offering Galaxy smartphones and BTC rewards, quickly driving the group past 15,000 members.
Alongside this, Upbit released a new brand campaign video signaling the arrival of the “mass adoption era” for digital assets. The video sparked positive reactions across the Korean crypto community, with many users expressing optimism about staying committed to the market ahead of wider adoption.
3-2 Dunamu’s Soaring Valuation Sparks Investor Buzz
Upbit’s operator, Dunamu, drew attention after reports showed its stock price has tripled over the past year, now boasting an estimated $7B valuation. Community discussions compared Dunamu’s market cap with Circle’s $42B, framing Dunamu as an undervalued growth opportunity within the global fintech and Web3 ecosystem.
Some investors speculated that Dunamu could eventually position itself like a traditional banking stock, becoming a stable long-term hold as Upbit continues to dominate the Korean exchange landscape.
3-3 Over 10,000 Korean Investors Hold $7M+ in Crypto
According to recent data from the Financial Supervisory Service, as of August 5th, more than 10,800 Korean investors each hold 1B KRW (~$7M) or more in crypto assets. The average holding among this group is approximately 2.2B KRW (~$16M).
Demographics revealed that investors in their 50s (3,994 people) hold the largest share, followed by those in their 40s, 60s, and 30s. This report fueled fresh debates in the community, especially as crypto taxation policies continue to face uncertainty ahead of their planned 2027 rollout.
(Source)
4. Web3 Event
Seoul’s Web3 community is in full swing this week with five key events bringing together builders, investors, and users. Highlights include the WalletConnect Korea Community Meetup and An Evening with Sophon for deeper ecosystem insights, while Re:Zero Season 1 showcases narrative-driven Web3 gaming.
On the infrastructure side, Monad Blitz Seoul focuses on high-performance Layer 1 development, and Singing Sign in Bithumb blends community engagement with creative campaigns. Together, these events reflect the growing diversity and energy of Korea’s crypto scene.
WalletConnect Korea Community Meetup
Luma: https://lu.ma/ddijtir6?tk=65eeE3
An Evening with Sophon
Luma: https://lu.ma/70kswoz8?tk=fGBH3d
Re:제로로 돌아간 웹3 게임 [Season 1]
Luma: https://lu.ma/4i3yk2pw?tk=6DVOkp
Monad Blitz Seoul
Luma: https://lu.ma/aa4a8hdk
Singing Sign in Bithumb
Luma: https://lu.ma/4xlws2ax?tk=Xc1WHo
It’s been an exciting week in Korea, with various events taking place and a dynamic market keeping us all on our toes! Stay tuned for more updates, and if you'd like to receive this report every week, make sure to subscribe. For the latest news and insights on the Korean market, follow us on Twitter for all the action!