On September 10, 2023, Bitcoin exhibited a kimchi premium on the Korean market, highlighting the price discrepancies between local and global exchanges.
Kimchi Premium of Bitcoin
As of 12:00 AM KST on September 10, Bitcoin (BTC) was trading at 155.71 million KRW on South Korea's Upbit exchange, reflecting a 0.22% decline from the previous day. On the global exchange Binance, BTC was priced at 155.08 million KRW, creating a price gap of 630,000 KRW and a kimchi premium of 0.41%.
Premiums of Other Altcoins
Ethereum (ETH), the leading altcoin, recorded a kimchi premium of 0.44%. Other major altcoins also showed notable premiums: Solana (SOL) at 0.33%, XRP (XRP) at 0.36%, Dogecoin (DOGE) at 0.66%, and Shiba Inu (SHIB) at 0.92%. Most top altcoins are currently trading with a premium in the 0.3% to 0.9% range.
Overall Market Situation
The Korean cryptocurrency market continues to exhibit significant premiums for many digital assets, indicating ongoing interest from investors. The price discrepancies between local and international exchanges remain a hot topic within the cryptocurrency community.
The kimchi premium of Bitcoin and other altcoins underscores the continuous interest in cryptocurrencies in the Korean market and highlights the price differences compared to global platforms.
