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On Wednesday, bitcoin’s value ascended past the $60K threshold, peaking at a 24-hour high of $61,389. Concurrently, South Korea observed a pronounced premium over the international exchange rate, with local platforms such as Upbit and Bithumb displaying prices that are $2,251 higher.
In a Worldwide Bitcoin Frenzy, South Korea and 30+ Countries See Unprecedented Price Milestones
In addition to the U.S. and the recently sanctioned spot bitcoin exchange-traded funds (ETFs), South Korea’s bitcoin trading activity has played a pivotal role in the 2024 bitcoin uptrend. Whenever bitcoin undergoes a bullish trend, its worth in the South Korean won invariably exceeds, exhibiting what is known as the ‘Kimchi premium.’ In the ongoing bitcoin rally, this famed Kimchi premium is quite evident, showcasing a considerable premium on Feb. 28 for bitcoin over the standard and weighted global exchange rate in U.S. dollars.
As of 11:30 a.m., the standard and weighted global exchange rate for bitcoin stands at $61,213, while on Upbit, bitcoin is trading at $63,463 per unit, marking a $2,251 increase. Bithumb, Korbit, Coinone all reflect a notable premium for bitcoin in terms of the U.S. dollar equivalent of the Korean won used to purchase the cryptocurrency. Upbit and Bithumb have emerged as significant hubs of trading volume.
Bitcoin has passed all-time highs in 30+ countries, including China and India. pic.twitter.com/63CnC9DE0F
— Balaji (@balajis) February 28, 2024
On Wednesday, Upbit saw crypto transactions worth $5.97 billion, and Bithumb reported $1.97 billion in trades. Collectively, these two South Korean exchanges contributed to 6.5% of the global $122 billion in cryptocurrency transactions over the last day. When considering fiat currency pairings, the South Korean won ranks as the second most traded national currency against cryptocurrencies, trailing only behind the U.S. dollar. The leading fiat pairs, excluding stablecoins like USDT, USDC, and FDUSD, are the dollar, won, euro, pound, and yen.
South Korea isn’t the only nation observing peaks in BTC value. On Wednesday, entrepreneur and cryptocurrency proponent Balaji Srinivasan pointed out that BTC had exceeded “all-time highs in 30+ countries, including China and India.” By 12:15 p.m. Eastern Time (ET) on Feb. 28, bitcoin (BTC) had reached $63,967 per unit on Bitstamp, needing only a 10.5% increase to surpass the record high of $69,000 set on Nov. 10, 2021. Galaxy’s billionaire CEO, Mike Novogratz, revealed on the same day that BTC is navigating through a phase of price exploration.
Novogratz said:
[Bitcoin] is in [a] price discovery phase. Maybe really for the first time since it’s been an asset as now the bulk of US wealth has easy access. Hard to predict where we stop.
Regardless, in over 30 countries, including South Korea, there’s a heightened engagement with the current crypto bull market, indicating a worldwide surge in demand for this limited digital asset.
What do you think about the South Korean bitcoin premium and the frenzy for bitcoin worldwide? Do you think the price is navigating through a phase of price exploration? Share your thoughts and opinions about this subject in the comments section below.