On July 27, 2023, a significant event occurred in the cryptocurrency market: both Bitcoin and Ethereum registered a negative Kimchi Premium, reflecting current trading trends.
Price Dynamics of Bitcoin
On South Korea's Upbit exchange, Bitcoin (BTC) was trading at 160.97 million KRW, which is 0.47% higher than the previous day. On the international exchange Binance, BTC was priced at 163.37 million KRW, resulting in a price gap of 2.4 million KRW and a Kimchi Premium of -1.47%.
Ethereum and Other Altcoins
Ethereum (ETH) also recorded a negative Kimchi Premium of -1.48%. Other major altcoins showed similar discount rates: Solana (SOL) at -1.46%, XRP (XRP) at -1.43%, Dogecoin (DOGE) at -1.42%, and Shiba Inu (SHIB) at -1.46%. Most top altcoins are currently trading at discounts in the -1.4% range.
Market Trends
The negative Kimchi Premium indicates a sustained trend; price correlations between South Korean and international exchanges remain a key indicator for investors and traders in the cryptocurrency market.
The facts about the current state of Kimchi Premium in South Korea highlight the significance of price differences in cryptocurrency markets and their impact on trading activity.
