On August 6, Bitcoin (BTC) and other altcoins in South Korea showed noticeable Kimchi premiums compared to international exchanges.
Kimchi Premium of Bitcoin
As of 12:00 AM KST on August 6, Bitcoin was trading at 158.48 million KRW on South Korea's Upbit exchange, down 1.16% from the previous day. On global exchange Binance, BTC was priced at 156.76 million KRW, creating a price gap of 1.72 million KRW and a Kimchi Premium of 1.10%.
Overall Premiums of Altcoins
Ethereum (ETH), the leading altcoin, recorded a Kimchi Premium of 1.03%. Other major altcoins also showed notable premiums: Solana (SOL) at 0.94%, XRP at 1.02%, Dogecoin (DOGE) at 1.26%, and Shiba Inu (SHIB) at 1.51%. Most top altcoins are currently trading with premiums ranging between 0.9% and 1.5%.
Conclusion
The Kimchi premium remains a relevant phenomenon in the South Korean cryptocurrency market, with varying levels of premiums among major cryptocurrencies. This may indicate interest in cryptocurrencies in the country and differences in demand between local and international markets.
The South Korean cryptocurrency market demonstrates sustained activity, as evidenced by the existence of Kimchi premiums for both Bitcoin and altcoins.
