On September 7, 2023, Bitcoin and several leading altcoins displayed notable kimchi premiums in the South Korean cryptocurrency market.
Bitcoin Kimchi Premium
As of 12:00 AM KST on September 7, Bitcoin (BTC) was trading at 155.3 million KRW on Upbit, up 0.24% from the previous day. On the global exchange Binance, BTC was priced at 153.64 million KRW, resulting in a price gap of 1.66 million KRW and a Kimchi Premium of 1.08%.
Altcoin Kimchi Premium
Ethereum (ETH), the leading altcoin, recorded a Kimchi Premium of 1.11%. Other major altcoins also displayed premiums in the 1.0-1.2% range: Solana (SOL) at 1.09%, XRP (XRP) at 1.17%, Dogecoin (DOGE) at 1.15%, and Shiba Inu (SHIB) at 1.19%.
Market Analysis
The Kimchi Premium, characteristic of the South Korean cryptocurrency market, indicates price discrepancies between local exchanges and international platforms. This situation may result from high demand for cryptocurrencies in the country, as well as restrictions on withdrawals and trading, which influence pricing.
Thus, on September 7, 2023, Bitcoin and key altcoins demonstrate significant price differences between Korean and international markets, indicating high interest and activity in cryptocurrency trading in South Korea.
