Bithumb Claws Back Market Share in Korea’s Crypto Arena—But Can It Topple Upbit’s Empire?

South Korea’s crypto cage match just got hotter. Bithumb—once left for dead by analysts—is staging a comeback, snatching trading volume from Upbit’s iron grip. The underdog exchange reportedly grew its market share by 3.2% last quarter while Upbit dipped below 80% dominance for the first time since 2022.

Behind the resurgence: A gamble on altcoin listings and fee cuts that actually benefit traders (unlike certain *cough* global exchanges that shall remain nameless). Bithumb’s recent XRP and Solana promotions pulled in retail investors like moths to a volatile flame.

But here’s the cynical twist: This ’revival’ comes as Korea’s regulators circle like hawks. The FSA’s pending legislation could turn today’s trading volume into tomorrow’s compliance costs. For now though, enjoy the show—nothing fuels crypto drama like two exchanges duking it out while pretending they’re not both playing the same rigged game.

South Korea’s crypto exchange landscape is witnessing a shake-up as Bithumb claws back market share from dominant player Upbit. According to a Bloomberg report, Bithumb has surged to capture approximately 25% of the country’s total crypto trading volume, a significant leap from its single-digit presence in 2023.

Bithumb’s Strategic Push

The revival is largely credited to Bithumb’s bold marketing strategy. To regain its position, Bithumb has launched targeted campaigns to attract users who previously migrated to Upbit. The efforts appear to be working, with the exchange steadily rebuilding its user base and transaction volume.

Upbit Still on Top

有几年是在韩国一线交易所工作，对韩国来说 #UPBIT 是一个宇宙级别的交易所，占韩国整个交易所交易量的 90%以上，仅Upbit的 $XRP 交易量就能超过韩国整个股票市场交易量，给大家解析一下 #UPBIT

很多人误区以为 #Bithumb 是韩国第一，但Bithumb交易量也就到 Upbit的 10%左右

01/ 背靠… pic.twitter.com/Yjzglvhitk

Despite the surge, Bithumb still trails far behind market leader Upbit. Analyst JET.K notes that Upbit controls over 90% of South Korea’s crypto volume, while Bithumb holds around 10%, highlighting the disparity between the two. This directly counters recent speculation that Bithumb may have overtaken its rival.

IPO Plans on the Horizon

The timing of Bithumb’s comeback is strategic, as the company gears up for an initial public offering expected by the end of 2025. Samsung Securities has been tapped as the lead underwriter for the listing. The IPO MOVE signals Bithumb’s growing ambition to strengthen its position in the market while boosting its credibility with investors.

As the rivalry heats up, all eyes are on whether Bithumb can continue closing the gap with Upbit or if Upbit’s first-mover advantage will remain unshaken.

Challenging the Status Quo

With a renewed user base and public listing in sight, Bithumb appears determined to challenge Upbit’s dominance. Still, the gap remains wide, and whether Bithumb can sustain its momentum remains to be seen.

Bithumb’s push is a rare instance of a South Korean exchange bouncing back in a market largely monopolized by one player. As the IPO clock ticks down, the crypto industry will be watching closely to see if this comeback story can truly reshape the local exchange hierarchy.

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