- Despite the recent decline in the price of bitcoin, premiums in South Korea have decreased but are still $1,800–$2,000 over the weighted worldwide average price of the cryptocurrency.
- Additional data show that, with 2.07% of all spot bitcoin trades, the South Korean won is remains the second most traded fiat currency versus bitcoin, only behind the US dollar.
The bitcoin (BTC) premium in South Korea is declining, according to recent measures. As of May 11, 2024, the premium dropped to 2.79% from 12% in March, according to data from cryptoquant.com.
Back in March, the price of BTC was around $4,000 more than the average price of cryptocurrencies reported globally by cryptocurrency price aggregator websites.
The premium is currently between $1,800 and $2,000 a unit, down from over $4,000, but prices are still high with a narrower spread. The top two exchanges in South Korea, Upbit and Bithumb, are still charging premiums for ethereum (ETH), the second-largest cryptocurrency by market capitalization, and smaller-cap coins in addition to bitcoin.
According to data from Cryptoquant.com, ETH’s premium is currently at 2.83%; it was nearly 11% in March. As of this past weekend, Upbit is ranked sixth among all global exchanges.
Bithumb is ranked 22nd out of 25 people in the world as of May 11. Over the previous day, Upbit recorded trade volume of nearly $1 billion, while Bithumb recorded roughly $298.23 million.
After the US dollar, the South Korean won is still the second most traded fiat currency against Bitcoin, accounting for about 2.07% of all BTC transactions.
The yen, pound, euro, and euro are the next most popular fiat currencies. With the stabilization of South Korea’s bitcoin market, the premium has shrunk, suggesting that traders may be aligning themselves more with global pricing trends.
Even while it has significantly decreased from its peak, the continued premium—albeit smaller—indicates that there is a high level of demand for bitcoin in the nation.
The fact that South Korea is still leading the world in the cryptocurrency economy is demonstrated by its continuous dominance in the bitcoin market. It is probable that the relationship between local and worldwide prices will persist in changing, mirroring wider patterns in the cryptocurrency industry.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
