The post Bithumb Regains Ground in South Korea’s Crypto Market Amid Upbit Dominance appeared first on Coinpedia Fintech News
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
— JET.K | Bluebird
(@degen_jet) May 16, 2025
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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FAQs
Bithumb reports 25% market share, but analysts say it holds closer to 10%, still far behind Upbit’s 90% dominance.
Bithumb plans to go public by end of 2025, with Samsung Securities acting as the lead underwriter.
Yes, tighter regulations could level the field, demanding more compliance and reshaping how both exchanges operate.
