South Korean Crypto Shakeout: Upbit's Trading Volume Plummets 75% as Altcoin Craze Cools

The daily trading volume on South Korea's major cryptocurrency exchange, Upbit, has plummeted by 75% from its peak earlier this year, indicating a decline in frenzied trading of alternative cryptocurrencies (altcoins) and casting doubts on the sustainability of their high valuations. Data from CoinGecko reveals that Upbit recorded a trading volume of $3.79 billion in the past 24 hours, significantly down from the $15 billion mark observed on March 5. This downturn in trading activity comes amid a broader trend where altcoin trading fervour has subsided following the surge in early March, which was partly driven by the excitement surrounding Ethereum's Dencun upgrade and a wave of interest in meme coins. As a result, questions have arisen regarding the continued momentum of altcoin markets, particularly as the volume of trading activity declines.