2024-03-11 11:19:35
Bitcoin prices rose once more today (11th), reaching a maximum of $71,831. Interestingly, the South Korean BTC/KRW trading pair during the “crazy speculation” has exceeded 100 million won, and the national cryptocurrency trading volume has exceeded the stock market.
(Preliminary news: Kimchi premium exceeds 10%! South Korea’s Bitcoin has surged to US$72,500. Can you make money from arbitrage?)
(Background supplement: Satoshi Aoban’s BSV surged by 50%! Korean exchanges took the lead in pursuing it, and the kimchi premium reappeared)
Bitcoin prices rose once more today (11th), reaching a maximum of $71,831, once once more hitting a record high. It is worth mentioning that on South Korea’s cryptocurrency exchange Upbit, the price of Korean won once morest Bitcoin has exceeded 100 million won. Off, a premium of 7.5% to the global market.
Korean Won/Bitcoin Trading Pair
South Korean cryptocurrency trading volume surpasses stock market
As the price of Bitcoin continues to rise, the total trading volume of South Korean cryptocurrency exchanges has even exceeded the trading volume of the local stock market.
according tolocal media reportsSouth Korea’s major cryptocurrency exchange recorded an astonishing trading volume of 11.8 trillion won (approximately US$9 billion) on Sunday, which far exceeded the 11.47 trillion won (approximately US$8.7 billion) trading volume of the South Korean stock market on Friday. The transaction volume reflects that South Korea’s enthusiasm for cryptocurrencies is at its peak.
The exchanges that recorded record highs this time mainly include the five largest cryptocurrency trading platforms in the Korean won market: Upbit (trading volume reached 8.8 trillion won), Bithumb (2.7 trillion won), Coinone (176.4 billion won), Gopax (55.2 billion won) ) and Korbit (32 billion won).
Korean exchange 24 hr cryptocurrency trading volume｜Source: Coingecko
CryptoQuant founder: Koreans love high risks
In response to this phenomenon, Ki Young-Ju, founder of CryptoQuant, analyzed, “Korean people prefer high-risk and high-return investment strategies, which is related to the rapid economic growth they have experienced.” He further explained that as the gap between rich and poor increases, the More and more people are turning to cryptocurrency investments, especially altcoins, because they are more attractive than mainstream assets such as Bitcoin (BTC) or Ethereum (ETH).
On the other hand, Bradley Park, director of research at CryptoQuant, pointed out that even though the trading prices of Bitcoin, Ethereum and other tokens on Korean exchanges are higher than those in the global market, the trading volume is still very high, which indicates strong demand in the retail market.
He also mentioned the “kimchi premium,” the phenomenon in which cryptocurrency prices on South Korean exchanges are higher than the international average price, which has reached its highest point since May 2022. Park explained that this is often seen as a sign of strong retail demand, as Korean investors are willing to pay a higher premium for cryptocurrencies such as Bitcoin.
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