On August 3, Bitcoin and other cryptocurrencies in South Korea show an increase in prices compared to global exchanges. Analyzing Kimchi Premium on key assets.
Current Prices of Bitcoin and Kimchi Premium
On the South Korean crypto exchange Upbit, Bitcoin (BTC) is trading at 158.96 million KRW, reflecting a 0.54% increase from the previous day. Meanwhile, on global exchange Binance, the price of Bitcoin is 157.46 million KRW, resulting in a price gap of 1.5 million KRW and a Kimchi Premium of 0.95%.
Prices of Altcoins and Their Kimchi Premium
Ethereum (ETH), the leading altcoin, recorded a Kimchi Premium of 1.09%. Other major altcoins also showed notable premiums: Solana (SOL) at 1.03%, XRP (XRP) at 1.09%, Dogecoin (DOGE) at 1.12%, and Shiba Inu (SHIB) at 1.14%. Most top altcoins are currently trading with a premium in the 1.0% to 1.1% range.
Impact of Kimchi Premium on the Cryptocurrency Market
The existence of Kimchi Premium can significantly impact trading strategies for both local and international investors, directing attention to the South Korean cryptocurrency market.
As of August 3, 2023, Kimchi Premium is observed for both Bitcoin and a range of altcoins on South Korean exchanges. This phenomenon may influence further investment decisions and the market overall.
