Upbit and Bithumb, South Korea’s crypto giants, are generating significant attention in the altcoin space due to their substantial liquidity and impressive token pumps. Do these exchanges, dominating the Korean market, represent a new hope for altcoin holders seeking explosive growth? Let’s explore.
Upbit and Bithumb: The New Liquidity Giants?
Upbit and Bithumb have solidified their positions as powerhouse exchanges, particularly for altcoin holders looking for significant price surges.
A striking example is WalletConnect Token WCT, which soared nearly 200% after being listed on Upbit, as reported in recent market data. Even on Binance, WCT continues to lead the top gainers, showcasing the ripple effect of Upbit’s influence.
Source: TradingView
Learn more: WalletConnect (WCT) Will be Listed on Binance Launchpool
Besides, Upbit has a reputation for driving massive pre-listing pumps as well, such as several tokens:
- INJ (Injective Protocol): 20%
- MEW (cat in a dogs world): 26%
- STG (Stargate Finance): 80%
- UXLINK (UXLINK): 183%
- ONDO (Ondo): 18%
Bithumb, too, has shown impressive performance in token listings. According to a 2024 Klein Labs report, Bithumb ranks second among centralized exchanges for post-listing token performance, with an average price gain of 9.05% within the first 30 days of listing and a median gain of 5.3%. Together, Upbit and Bithumb are emerging as formidable competitors to Binance, especially after Binance’s underwhelming performance with token listings in early 2025.
This is particularly true in South Korea, where these two exchanges dominate the market, catering to a whale-heavy investor base known for driving altcoin rallies.
While Binance faces scrutiny and regulatory challenges, Upbit and Bithumb are becoming another place for investors to go, especially for altcoin holders seeking the next big pump.
About Upbit and Bithumb
Upbit, launched in 2017, is South Korea’s largest cryptocurrency exchange, known for its user-friendly interface and extensive market offerings. It supports over 180 cryptocurrencies and more than 300 trading pairs, including fiat markets with the Korean won (KRW). Upbit has expanded globally, operating in Singapore, Indonesia, and Thailand, and was valued at $8.7 billion in 2021. It ranks 26th among global exchanges on BitDegree’s Exchange Tracker, reflecting its significant presence in the crypto space.
Bithumb, established in 2014, is another South Korean titan, focusing on security and compliance while catering primarily to the local market. Bithumb has been a pioneer in the Korean crypto scene, with the most active trading pair being USDT/KRW, recording $107.6 million in daily volume.
With Upbit’s total volume exceeding $3 billion and Bithumb’s surpassing $700 million, it’s no surprise that these two exchanges have a massive impact on token prices immediately after listing. As they continue to compete with international giants like Binance, Upbit and Bithumb are proving to be more than just local players—they’re becoming global forces in the altcoin market, offering hope and opportunity for token holders worldwide.
