Bitcoin and altcoins exhibit a notable Kimchi premium in the South Korean market.

Bitcoin and altcoins exhibit a notable Kimchi premium in the South Korean market.

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by Kofi Adjeman

a year ago

Made with AI

Bitcoin continues to show significant price discrepancies between South Korean exchanges and global platforms, highlighting the ongoing phenomenon known as the Kimchi premium. According to the official information, as of October 17, the price variations have raised eyebrows among traders and investors alike.

Bitcoin Trading Update

On October 17, Bitcoin was trading at 16,783 million KRW on South Korea's Upbit exchange, marking a slight decrease of 0.42% from the previous day. In contrast, the global exchange Binance listed Bitcoin at 15,636 million KRW, creating a notable price gap of 1,147 million KRW. This difference has resulted in a Kimchi premium of 734, indicating that South Korean investors are paying significantly more for Bitcoin compared to their global counterparts.

Ethereum and Altcoin Premiums

Ethereum also exhibited a Kimchi premium of 721, while other major altcoins recorded premiums ranging from 720 to 793. This includes:

  • Solana
  • XRP
  • Dogecoin
  • Shiba Inu

Market Dynamics in South Korea

This trend suggests that the majority of top altcoins are currently trading with a premium in the 72 to 79 range within the Korean market, reflecting the unique dynamics of cryptocurrency trading in South Korea.

In light of Bitcoin's recent price discrepancies highlighted in the previous report, Glassnode has expressed concerns regarding the cryptocurrency's ability to maintain its rally without new investor interest. For more details, see read more.

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