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Bithumb Regains Ground in South Korea’s Crypto Market Amid Upbit Dominance

As a researcher studying the cryptocurrency market in South Korea, I am observing an exciting transformation taking place. The competitive landscape is being reshaped as Bithumb regains ground against the longstanding leader, Upbit. Recent reports from Bloomberg suggest that Bithumb has made a substantial leap, now accounting for approximately 25% of the nation’s total crypto trading volume. This represents a significant jump from its single-digit market presence just a few years ago in 2023.

Bithumb’s Strategic Push

Credit for the resurgence is mainly given to Bithumb’s daring marketing approach. In order to reclaim its standing, Bithumb has initiated specialized campaigns aimed at enticing users who had previously moved to Upbit. So far, these efforts seem effective, as the exchange is gradually restoring its user base and trading volume.

Upbit Still on Top

For several years, I worked on a premier exchange in South Korea, and for the Korean market, #Upbit stands as an interstellar exchange, accounting for over 90% of the total trading volume in all Korean exchanges. The trading volume of XRP alone on Upbit surpasses the trading volume of the entire Korean stock market. I’ll break it down for you all about #UPBIT.

Many people think that #Bithumb is the top exchange in South Korea, but Bithumb’s trading volume only reaches up to approximately 10% of Upbit’s.

Translation: In South Korea, where I worked on a major exchange for several years, #Upbit is an interstellar exchange, accounting for over 90% of the total trading volume in all Korean exchanges, with XRP trading volume alone surpassing that of the entire Korean stock market. This is a breakdown of #UPBIT, and many people mistakenly think that #Bithumb is the top exchange in South Korea, but its trading volume only reaches up to about 10% of Upbit’s.

— JET.K | Bluebird (@degen_jet) May 16, 2025

Regardless of a recent increase, Bithumb remains significantly behind market leader Upbit. According to analyst JET.K, Upbit accounts for more than 90% of South Korea’s crypto trading volume compared to approximately 10% for Bithumb, demonstrating the vast difference between them. This contradicts recent assumptions that Bithumb has surpassed its competitor in terms of dominance.

IPO Plans on the Horizon

Bithumb’s planned return coincides strategically, as they aim to launch an Initial Public Offering (IPO) towards the end of 2025. Samsung Securities has been chosen as the primary underwriter for this listing. This IPO decision reflects Bithumb’s increasing aspirations to fortify its market presence and enhance investor confidence by bolstering its credibility.

In this intensifying competition, everyone is curious to see if Bithumb can narrow the difference it has with Upbit, or if Upbit’s early lead in the market will persist without much impact.

Challenging the Status Quo

After regaining its user base and preparing for a public stock offering, Bithumb is showing ambition to rival Upbit’s supremacy. However, there’s still a significant distance between them, so it’s uncertain if Bithumb can maintain its current pace.

Bithumb’s resurgence is an unusual case of a South Korean cryptocurrency exchange making a strong recovery in a market dominated by a single major player. As we approach their potential IPO, the crypto community will eagerly await to see if this return to prominence can rearrange the local exchange landscape significantly.

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2025-05-20 08:40