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Based on recent data, the surge of bitcoin beyond the $41,000 mark has triggered a significant increase in trading activity originating from South Korea. Alongside this heightened volume, bitcoin is currently commanding a $1,500 premium on major South Korean cryptocurrency exchanges, including Upbit, Bithumb, Korbit, and Coinone.
South Korea’s ‘Kimchi Premium’ Returns Amid 2023’s End-of-Year Bitcoin Rally
As bitcoin’s value soared to a peak of $42,400 per unit on December 4, 2023, the digital currency has been exchanging hands at around $41,769 per coin. Archived data recorded on December 5 reveals a substantial $95.8 billion in global 24-hour trading volume, with bitcoin (BTC) accounting for $39 billion of these trades. During the 24-hour period, the most prominent fiat currencies traded against bitcoin were the USD, KRW, EUR, GBP, and JPY.
The United States dollar (USD) dominated with 14.87% of the total trades, while the Korean won (KRW) comprised 4.71%. On December 3, as reported by Bitcoin.com News, BTC’s ascent past the $40K mark coincided with a notable ‘Kimchi premium’ in South Korea. This premium persisted as of 00:35 (UTC) on December 5, 2023. On Upbit, a leading centralized cryptocurrency exchange in South Korea, a striking $3.82 billion in trades has been tallied in the last 24 hours.
Currently, bitcoin is fetching a price of $43,272 on Upbit, which is notably $1,503 higher than the global average of $41,769 per unit. While South Korea is renowned for its cryptocurrency premiums, other regions including Hong Kong, Japan, Malaysia, the Philippines, and Thailand occasionally experience similar premium trends. Ethereum (ETH), with a global average price of $2,234, is trading on Upbit at an elevated rate of $2,310 per coin.
Similarly, solana (SOL) is listed on Upbit at $63.27 per unit, surpassing its global average of $61.28. This trend of premiums is also evident on Bithumb, which has reported $937 million in spot market trade volume. Bitcoin, along with other digital currencies like ethereum and solana, are all trading at a premium on this platform. Coinone and Korbit are witnessing similar price surges for these same cryptocurrencies. Another notable instance is bitcoin cash (BCH), which has a global average of $251 but is trading at $259 per coin in South Korea.
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