On September 8, 2023, the South Korean cryptocurrency market exhibits a significant Kimchi premium for Bitcoin and several altcoins. The data shows the price differences between local and global exchanges.
Kimchi Premium for Bitcoin
As of 12:00 AM KST on September 8, Bitcoin (BTC) traded at 155.01 million KRW on the South Korean Upbit exchange, marking a 0.45% increase from the previous day. On the global exchange Binance, BTC was priced at 154.09 million KRW, resulting in a price gap of 920,000 KRW and a Kimchi Premium of 0.61%.
Altcoins Dynamics
Ethereum (ETH), the leading altcoin, recorded a Kimchi Premium of 0.67%. Other major altcoins also displayed significant premiums: Solana (SOL) at 0.57%, XRP at 0.58%, Dogecoin (DOGE) at 0.38%, and Shiba Inu (SHIB) at 0.63%. Most top altcoins are currently trading with a premium in the 0.3% to 0.6% range.
Market Overview
The Kimchi Premium serves as an indicator of price differences for cryptocurrencies between the South Korean and international markets. This premium could be due to high demand for cryptocurrencies in South Korea.
Thus, on September 8, the South Korean cryptocurrency market shows a pronounced Kimchi premium for both Bitcoin and other altcoins, reflecting strong local activity and demand for these assets.
