Monero (XMR) trading volume up by 500%, Korea accounts for 83% of the market

Monero traders were in shock on Monday when Monero’s trading volume suddenly increased by 500% within 72 hours. The reason for such a tremendous increase was Coinmarketcap decided to list Bithumb’s trading volume. Bithumb currently accounts for 85% of the world’s Monero trading volume.

The sudden increase in volume did not affect the price as Coinmarketcap was already considering the price from Bithumb.

Monero is currently the 10th largest cryptocurrency in terms of market capitalization. The cryptocurrency has a market capitalization of $1.899 billion and has a daily trading volume of $93 million.

Monero popular in Korea

According to Coinmarketcap, Monero’s highest trading volume is pegged to Korean Wons. XMR/KRW has a total trading volume of $81 million, which accounts for 85% of total Monero’s trading volume. This has been facilitated through the popularity of Bithumb in South Korea.

According to CNBC, Monero is really popular in North Korea. Monero’s untraceability makes it easier for North Korea to bypass sanctions imposed by UN and the U.S. In January 2018, North Korea hackers created a Malware to mine Monero and send it back to North Korea.

CNBC in the article wrote,

“AlienVault, a U.S based cybersecutiy company, said it found evidence of malware that took over a person’s computer and mined monero. The mined currency was then sent back to Kim Il Sung University in Pyongyang.”

On May 2018, crypto friendly nation Japan banned Monero from being traded in the country. Apart from Monero, other privacy tokens such as ZCash, Dash and Augur were also banned.

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