Growth of Cryptocurrency Trading in South Korea
Recent data shows that the cryptocurrency economy has seen whole lot of growth, with a large portion of trading activity originating from South Korea. In particular, on Saturday, November 18, 2023, the Korean won accounted for 3.53% of all Bitcoin (BTC) (BTC) trades over the past 24 hours.
Bitcoin (BTC) Price Skyrockets in South Korea
According to Cryptocompare.com’s data, on Saturday, Bitcoin (BTC) trades involving the Korean won made up 3.53% of the total. In addition, Ethereum (ETH) trades paired with the won represented about 1.65%, while 8.78% of solana (SOL) trades likewise involved the won.
South Korea’s trading volumes have resurfaced as a whole lot of force, with Upbit alone processing $2.62 Billion in trades in the previous day, making it the 11th largest cryptocurrency exchange by volume this weekend. Dogecoin (DOGE) trades with the Korean won comprised 3.06%, while the won likewise 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 worldwide average of $36,700, indicating a nearly $1,300 premium in South Korea. Bithumb’s Bitcoin rates are similarly elevated, with Bitcoin (BTC) priced at $37,978 per coin.
Ethereum’s worldwide 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 in the previous 24 hours. The trend continues on Coinone, where Bitcoin (BTC) is currently worth $38K per unit, and ether is valued at $2,034 per unit, surpassing the worldwide average of $1,966.
Robust Demand and Arbitrage Opportunities
Despite the fact that most other digital currencies on these platforms align closely with worldwide averages, solana’s price is approximately $2 higher. The high trading volumes and premiums in South Korea underscore the robust demand for digital currencies in the region. Furthermore, these pricing discrepancies likely present whole lot of arbitrage opportunities for astute traders.
Hot Take: South Korea’s Dominance in Cryptocurrency Trading
The recent surge in cryptocurrency trading in South Korea, particularly in major exchanges like Upbit and Bithumb, is indicative of the region’s dominance in the cryptocurrency market. With substantial trading volumes and noticeable price premiums, South Korea presents lucrative opportunities for cryptocurrency traders and outlines the growing demand for digital assets in the country.
Benito Cormi, the brilliant crypto analyst who has made waves in the world of cryptocurrency. With his razor-sharp analytical skills and deep understanding of the digital asset landscape, Benito has become a trusted figure in the industry and remains at the forefront, tirelessly researching and analyzing market trends to help individuals and businesses make informed decisions in this dynamic landscape.