Metrics reveal that cryptocurrency premiums in South Korea consistently outpace the global average. As of now, bitcoin exchanges hands at $69,245 per piece globally, while on the South Korean platform Upbit, it’s being traded at $73,513 each. Additionally, March witnessed a notable increase in Upbit’s trade volume, skyrocketing by 172.25% from February’s data.
South Korea's Crypto Market Continues to Defy Global Trends With Premium Prices
This article was published more than a year ago. Some information may no longer be current.
WRITTEN BY
SHARE
Ethereum, Solana, and Bitcoin Cash Join Bitcoin in South Korea’s Premium Price Phenomenon
Bitcoin (BTC) has recently recovered some ground after last week’s downturn, which saw its value drop below the $66,000 mark. It’s currently priced at $69,245 per coin, boasting a market cap of $1.36 trillion. On South Korean shores, bitcoin commands a strong premium, trading at $73,513 on Upbit and $73,454 on Bithumb, two of the nation’s leading crypto exchanges.
The premium phenomenon extends beyond bitcoin (BTC), touching upon numerous other cryptocurrencies. For instance, ethereum ( ETH) globally averages at $3,394, yet on Upbit, it climbs to $3,590 per unit and hits $3,592 on Bithumb. Solana ( SOL) is valued at $190.93 and $190.86 on Upbit and Bithumb respectively, in contrast to SOL’s global rate of $180.37. Bitcoin cash (BCH) trades at $722.95 on Upbit and $725.24 on Bithumb, surpassing its global weighted average of $679.95.
This trend encompasses a variety of digital currencies available in South Korea. Data also indicates that the South Korean won accounts for 2.27% of total BTC transactions and 1.42% of all ETH trading. In the realm of SOL and BCH, the won constitutes 2.91% and 22.62% of trades respectively. Moreover, 8.84% of all dogecoin (DOGE) transactions are conducted in the South Korean won. Additionally, exchange volumes in South Korea saw a significant rise in March in comparison to February.
In February 2024, Upbit tallied a spot crypto volume of $81.34 billion. Come March, Upbit’s figures soared to $221.45 billion, marking a 172.25% boost from the month before. Bithumb also experienced decent growth, from $35.24 billion in February to $50.17 billion in March, an increase of 42.36% from the previous month’s totals.
What do you think about the trading phenomenon with specific crypto assets in South Korea trading for a premium? Share your thoughts and opinions about this subject in the comments section below.
