Bitcoin and Altcoins Show High Kimchi Premium in South Korea

Bitcoin and Altcoins Show High Kimchi Premium in South Korea

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by Rajesh Kumar

a year ago

Made with AI

Bitcoin continues to show significant price variations across different exchanges, particularly in South Korea, where it is experiencing a notable premium. The source notes that this trend underscores the growing interest and demand for cryptocurrencies in the region.

Bitcoin Price Update

As of 12:00 AM KST on October 22, Bitcoin (BTC) was trading at 16,786 миллионов KRW on Upbit, marking a 117 миллионов KRW increase from the previous day. In contrast, the global exchange Binance listed BTC at 16,065 миллионов KRW, creating a price gap of 721 миллионов KRW. This discrepancy has resulted in a Kimchi Premium of 449 миллионов KRW for Bitcoin in South Korea.

Ethereum and Altcoin Premiums

Ethereum (ETH) also exhibited a Kimchi Premium of 443 миллионов KRW, indicating a similar trend among major cryptocurrencies. Other altcoins reported premiums ranging from 412 to 456 миллионов KRW, including:

  • Solana (SOL)
  • XRP
  • Dogecoin (DOGE)
  • Shiba Inu (SHIB)

Market Demand Insights

This data reflects the robust demand for cryptocurrencies in the South Korean market, suggesting that local investors are willing to pay a premium for digital assets.

As Bitcoin experiences significant price variations, VeChain is also gaining attention as it approaches a key resistance level. For more details, see the full article here.

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