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Bitcoin, which had been pushed to the 49 million won mark, has successfully rebounded and is trading at the 63 million won mark. As investors’ buying trend added to the bull market that has continued since the end of last year, the average daily cryptocurrency trading value of the four major domestic cryptocurrency trading sites has risen to a level equal to the average daily trading value of KOSDAQ.
According to CoinMarketCap, a global cryptocurrency market relay site on the 10th, the cryptocurrency transaction value of the four major domestic cryptocurrency trading sites (Bithumb, Upbit, Coinone, and Kobit) is $9,377.11 million (approx. Reach. On this day, the transaction value of KOSDAQ recorded 10,831.1 billion won, and the transaction value of KOSPI recorded 12,871.3 billion won.
Bitcoin hit the reported price by soaring to 65.846,000 won (based on Upbit) on the 21st of last month, but it was pushed to the 49 million won level within a week. On February 28, bitcoin was traded at 49755,000 won (low price). However, Bitcoin succeeded in rebounding on the 1st and is drawing a right upward curve again.
As the price of cryptocurrency including bitcoin rises, the transaction value of cryptocurrency is also increasing. This pattern also appeared in the second half of 2017, when the bitcoin investment craze hit. According to data released last year by the Democratic Party’s Office of Representatives Yang Gyeong-sook, the annual transaction value of the four major cryptocurrency trading sites in Korea was 580 billion won in 2015, 1.7 trillion won in 2016, 620 trillion won in 2017, and 936 trillion won in 2018.
The trading value began to plummet when the cryptocurrency trading industry faced a decline in 2019. According to data released by Kim Byeong-wook and the Democratic Party’s office on the 8th, the annual transaction value of the four major cryptocurrency trading sites in Korea in 2019 was 488 trillion won, and the total transaction value last year was 356 trillion won.
This atmosphere has been reversed since the end of last year. As the new coronavirus infection (Corona 19) hit the world, central banks of each country came up with a large-scale economic stimulus plan. All.
In fact, bitcoin, which was traded at 8.3 million won on January 1 of last year (closed price, hereinafter referred to as Upbit), soared to 2165 million won (closed price) on December 1st, and broke the first 30 million won mark in history on December 27th. Bitcoin broke through the 40 million won mark in January on a fierce rise, and even broke the 60 million won mark in February. As of 7:15 pm on the day, Bitcoin is trading at 63288,000 won, up 0.54% from the previous day.
As the market price of cryptocurrency including bitcoin is soaring, the trading value of cryptocurrency, which has fallen by almost half compared to the previous year, is also rising. According to the Democratic Party’s office, Kim Byung-wook, from January to February 25, the total transaction value of the four major domestic trading sites was 445 trillion won, surpassing the total transaction value of last year (356 trillion won) in just two months.
Industry analysts say that this year’s cryptocurrency trading industry is highly likely to exceed thousands of trillion won for the first time in history as the cryptocurrency trading industry is incorporated into the institution based on the amendment to the Act on the Reporting and Use of Specific Financial Transaction Information (Special Law). If we simply calculate the transaction value for the last two months, which was disclosed by Congressman Kim Byeong-wook, on an annual basis, this year’s transaction value is estimated at 2670 trillion won.
However, some argue that it is unreasonable to estimate the transaction value of cryptocurrency at thousands of trillion won. An official in the domestic trading industry said, “It is true that the liquidity of cryptocurrency has increased, but there is an illusion that the transaction value seems to have increased as the amount of altcoins (all cryptocurrencies excluding bitcoin) as well as bitcoin increased.” There is a high possibility that an imaginary number exists in the transaction value, and it is difficult to use it as an investment index.”
Meanwhile, it is predicted that the number of investors using domestic cryptocurrency trading sites will recover to the level in 2017. According to Assemblyman Kim Byeong-wook’s office, the number of active investors per year (the number of investors who traded cryptocurrency at least once a year) in the four major cryptocurrency trading sites in Korea was 2.06,154 in 2017, 204,3771 in 2018, and 1.33 million in 2019. The survey was 7669 people, and 1.2 million,834 people in 2020.
Representative Kim’s side said, “From January 1st to February 18th, the number of active investors in the four major trading sites was 1.92,157.”