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

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

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.

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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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