The crypto market cap reached $1.8 trillion on Sunday after Bitcoin crossed $60,000 for the first time in history. Crypto trading is booming in Asia as retail and institutional traders are pushing the trading volumes on leading Asian digital exchanges to a record high.
According to the latest data published by CoinMarketCap, the total 24-hour trading volume at leading crypto exchanges in South Korea including Bithumb, Coinone, UPbit, and Korbit crossed $14.6 billion on Sunday, more than the trading volume of $14.5 billion in Korea Composite Stock Price Index (KOSPI) on Friday.
The recent surge in volume came after Bitcoin, Ethereum, Binance Coin and Cardano posted strong gains over the weekend. As of writing, the crypto market cap stands at around $1.7 trillion.
The crypto exchanges in South Korea have reported a surge in trading volumes since the last few weeks amid a rise in retail trading. But, due to some regulatory proposals, digital exchanges in the country are under pressure to develop strict compliance and KYC structure for the clients.