At the beginning of August 2023, the cryptocurrency market saw a negative Kimchi Premium for Bitcoin and various altcoins.
Price Dynamics of Bitcoin
On August 1, 2023, Bitcoin (BTC) was trading on South Korea's Upbit exchange at 163.65 million KRW, marking a 0.33% increase from the previous day. On Binance, the price of BTC was 164.70 million KRW, resulting in a price gap of -1.05 million KRW and a Kimchi Premium of -0.64%.
Analysis of Altcoins
Ethereum (ETH) also recorded a negative Kimchi Premium of -0.54%. Other major altcoins, including Solana (SOL), XRP, Dogecoin (DOGE), and Shiba Inu (SHIB), showed similar discount rates: -0.63%, -0.59%, -0.50%, and -0.28% respectively. Most top altcoins are currently trading at discounts ranging from -0.2% to -0.6%.
Trends in the Cryptocurrency Market
The presence of a negative Kimchi Premium for Bitcoin and altcoins reflects general trends in a market characterized by price declines and fluctuations in demand. Analysts continue to monitor price changes to assess further movements in the cryptocurrency market.
As of August 1, 2023, the negative Kimchi Premium for Bitcoin and altcoins indicates a certain level of instability in the cryptocurrency market. Investors should closely monitor price changes and the overall situation in the industry.
