Bitcoin continues to show resilience in the South Korean market, with a notable price increase observed on local exchanges. As of October 5, 2023, the cryptocurrency's value reflects a growing interest among investors in the region, and The source reports that this trend is likely to continue as more individuals enter the market.
Bitcoin Trading Update
At 12:00 AM KST, Bitcoin (BTC) was trading at 17,451 million KRW on Upbit, marking a 0.60% rise from the previous day. This increase highlights the ongoing demand for Bitcoin in South Korea, where local investors are willing to pay a premium for the asset.
Price Comparison with Global Exchanges
In comparison, the global exchange Binance listed BTC at 17,171 million KRW, creating a price gap of 28 million KRW. This discrepancy has resulted in a Kimchi Premium of 163, indicating that South Korean investors are paying significantly more for Bitcoin than their global counterparts.
Other Cryptocurrencies Exhibiting Premiums
Other cryptocurrencies have also been noted to exhibit similar premiums, suggesting a broader trend in the local market. These include:
- Ethereum (ETH)
- Ripple (XRP)
- Litecoin (LTC)
Conclusion
This trend reflects the unique dynamics of the South Korean cryptocurrency market.
