As of July 5, 2023, Bitcoin and several altcoins continue to exhibit Kimchi Premium on South Korean cryptocurrency exchanges.
Bitcoin Market Status
On the Upbit exchange, Bitcoin (BTC) traded at 147.29 million KRW, down 0.97% from the previous day. On the global exchange Binance, Bitcoin was priced at 146.87 million KRW, creating a price gap of 420,000 KRW.
Altcoins Premium
Ethereum (ETH) exhibited a Kimchi Premium of 0.22%. Other major altcoins also showed moderate premiums: Solana (SOL) at 0.30%, XRP (XRP) at 0.19%, Dogecoin (DOGE) at 0.35%, and Shiba Inu (SHIB) at 0.44%. Most top altcoins are currently trading with premiums ranging from 0.1% to 0.4%.
Overview of Kimchi Premium
The Kimchi Premium phenomenon occurs when cryptocurrencies in South Korea can cost more compared to international exchanges. The current situation confirms this trend for Bitcoin and major altcoins.
The state of Kimchi Premium on July 5, 2023, reflects the continuing interest in cryptocurrencies in South Korea, despite a slight decrease in prices.
