Korean Crypto Exchanges Show Diverging Fortunes in Bull Market

South Korea's cryptocurrency landscape is splitting into haves and have-nots as the current bull run amplifies disparities between major exchanges and smaller competitors. Dunamu's Upbit and rival Bithumb have seen their valuations surge 33% and 131% respectively this year, reaching market capitalizations of 8.26 trillion won ($5.96 billion) and 238,000 won ($172) per share at their July peaks.

Meanwhile, minor player Coinone struggles with just 3% market share, forced to liquidate $2.96 million in crypto assets - about 10% of its holdings - under new regulatory scrutiny. The divergent paths highlight how market concentration accelerates during crypto rallies, with dominant platforms like Upbit and Bithumb now eyeing 2025 public listings while marginal players face existential pressures.