Korea's cryptocurrency market cap surged 53% in six months, reaching 43.6 trillion won by December 2023, driven by rising prices and improved investor sentiment. Transaction volumes and KRW deposits also increased, but high volatility and rising business closures urge caution.

A Financial Intelligence Unit survey showed the KRW market cap nearly doubled to 43.1 trillion won. Top cryptocurrencies like Bitcoin and Ethereum led the market. Domestic trading volume rose 24% to 649 trillion won, spurred by favorable news and free transaction fees.

KRW deposits grew 21% to 4.9 trillion won. The number of unique cryptocurrencies decreased to 600. Volatility stayed high at 61.5%, with outward transfers up 28% to 38.1 trillion won. Business closures in the sector continue to pose risks.

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