According to CoinGecko, Upbit’s trading volume over the past 24 hours was $3.79 billion, well below the $15 billion recorded on March 5.

The March peak in trading volume coincided with a surge in the total market capitalization of altcoins to a two-year high of $788 billion, which has since adjusted to around $750 billion. Factors contributing to the early March trading frenzy included anticipation of Ethereum’s Dencun upgrade, which promises lower transaction fees, and the impact of political developments on cryptocurrency interest.

The notable shift in trading volume raises questions about the sustainability of the altcoin rally. Upbit, which offers 192 cryptocurrencies and 309 trading pairs, had seen a spike in volume from $2 billion to the March 5 peak as traders diversified into altcoins amid record highs for bitcoin and the Ethereum upgrade.

Research by DeSpread in October indicated that Upbit’s investors have a pronounced interest in altcoins, seeking higher profits despite the associated risks. This contrasts with platforms like Coinbase, where trading is more focused on major cryptocurrencies like Bitcoin and Ethereum. Currently, Bitcoin-Korean won and Ether-won trading pairs make up just over 9% of Upbit’s total 24-hour trading volume, with the remainder attributed to altcoin-fiat transactions.

This trend of declining trading volume on Upbit highlights changing dynamics in the cryptocurrency market, particularly among South Korean traders’ interest in altcoins versus major digital assets.

Operated by Dunamu, one of South Korea’s most valued startups, Upbit stands as the country’s largest cryptocurrency exchange by trading volumes. It secured in-principal approval for a major payment institution license from the Monetary Authority of Singapore (MAS) back in October, which accentuates the exchange’s expansion across the Asia Pacific region. As reported, Upbit has established legally compliant branches in both Indonesia and Thailand.