Growth of Crypto Trading in South Korea
Recent data shows that the crypto economy has seen significant growth, with a large portion of trading activity originating from South Korea. Specifically, on Saturday, November 18, 2023, the Korean won accounted for 3.53% of all bitcoin (BTC) trades in the previous 24 hours.
Bitcoin Price Soars in South Korea
According to Cryptocompare.com’s data, on Saturday, bitcoin trades involving the Korean won made up 3.53% of the total. Additionally, Ethereum trades paired with the won represented about 1.65%, while 8.78% of solana (SOL) trades also involved the won.
South Korea’s trading volumes have emerged as a significant force, with Upbit alone processing $2.62 billion in trades in the last 24 hours, making it the 11th largest crypto exchange by volume this weekend. Dogecoin trades with the Korean won comprised 3.06%, while the won also made up 19.77% of avalanche trades on Saturday.
Premium Prices in South Korea
South Korea’s major exchanges, particularly Upbit and Bithumb, are experiencing noticeable price premiums. At 1:50 p.m. Eastern Time on Saturday, bitcoin’s trading price on Upbit was $37,985 per unit, compared to the global average of $36,700, indicating a nearly $1,300 premium in South Korea. Bithumb’s BTC rates are similarly elevated, with bitcoin priced at $37,978 per coin.
Ethereum’s global rate stands at $1,966, but on Upbit and Bithumb, it’s trading higher at $2,031 and $2,032, respectively. Bithumb ranks as the 15th largest exchange by volume, having handled over $1 billion in trades over the past 24 hours. The trend continues on Coinone, where bitcoin is trading at $38K per unit, and ether is valued at $2,034 per unit, surpassing the global average of $1,966.
Robust Demand and Arbitrage Opportunities
Although most other cryptocurrencies on these platforms align closely with global averages, solana’s price is roughly $2 higher. The high trading volumes and premiums in South Korea underscore the robust demand for cryptocurrencies in the region. Moreover, these pricing discrepancies likely present significant arbitrage opportunities for astute traders.
Hot Take: South Korea’s Dominance in Crypto Trading
The recent surge in crypto trading in South Korea, particularly in major exchanges like Upbit and Bithumb, is indicative of the region’s dominance in the crypto market. With substantial trading volumes and noticeable price premiums, South Korea presents lucrative opportunities for crypto traders and highlights the growing demand for digital assets in the country.
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