Upbit’s market share has increased by 21.7 percentage points since the US election, and exceeded 80% on December 4.

Odaily Planet Daily Report: According to CoinGecko data, the market share of Upbit, the largest cryptocurrency exchange in South Korea, increased from 56.5% on the eve of the US presidential election (November 5) to 78.2% on December 7, an increase of 21.7 percentage points. Especially on December 4, when the Bit price first approached a breakthrough of $100,000, Upbit's market share once exceeded 80%. During the same period, the market share of the second-largest exchange Bithumb decreased from 41.2% to 19.3%. The market shares of other domestic exchanges Coinone, Korbit, and Gopax have not changed significantly, ranging from 0 to 1%. Industry insiders said that "the phenomenon of Upbit's market share increasing during a surge in trading volume has occurred many times in the past. This may be due to the return of existing users who stopped trading during the market downturn, which has led to an increase in Upbit's trading volume." The analysis points out that if this trend continues, the "monopoly" controversy may reappear. According to the "Monopoly Regulation and Fair Trade Act", if a company's market share exceeds 50%, it is considered a monopoly and subject to regulation. Previously, in October, Kim Byung-hwang, chairman of the Financial Services Commission of Korea, said that he would examine the monopolistic structure of the virtual asset market centered on Upbit. During the National Assembly's policy inspection, Kim Byung-hwang responded to the lawmakers' inquiries about Upbit's monopolistic structure. On that day, the lawmakers pointed out that "the largest virtual asset exchange in Korea, Upbit, ranks second in the world, and the phenomenon of excessive concentration in a single company and Upbit's monopolistic system began after it cooperated with K Bank." He then said that Upbit's deposits account for a large portion of K Bank's deposits, and the bank is about to go public.