On July 29, Bitcoin and other cryptocurrencies in South Korea recorded a negative Kimchi Premium. Let's examine the details.
Bitcoin and Kimchi Premium
As of 12:00 AM KST on July 29, Bitcoin (BTC) was priced at 161.55 million KRW on Upbit, reflecting a 0.72% decrease from the previous day. On Binance, BTC was priced at 163.79 million KRW, resulting in a price gap of -2.24 million KRW and a Kimchi Premium of -1.37%.
Ethereum and Other Altcoins
According to market data, Ethereum (ETH), the leading altcoin, recorded a negative Kimchi Premium of -1.47%. Other major altcoins showed similar discount rates: Solana (SOL) at -1.45%, XRP (XRP) at -1.29%, Dogecoin (DOGE) at -1.31%, and Shiba Inu (SHIB) at -1.33%.
Overall Market Trends
Most top altcoins are currently trading at discounts in the -1.2% to -1.4% range. The cryptocurrency market remains unstable and requires careful analysis.
As of July 29, 2023, the cryptocurrency market in South Korea shows negative Kimchi Premiums for Bitcoin and other altcoins, indicating current market trends.
