Recent data reveals that the crypto economy has seen notable growth in the last month, with a substantial portion of its trading activity originating from South Korea. As an illustration, on Saturday, November 18, 2023, the Korean won represented 3.53%. of all bitcoin (BTC) transactions in the previous 24 hours.
Bitcoin price rises $1,300 above global standard in South Korea
Data from Cryptocompare.com indicates that on Saturday, bitcoin (BTC) trades involving the Korean won made up 3.53% of the total. Ethereum (ETH) trades combined with won accounted for around 1.65%, and a significant 8.78% of solana (SOL) trades were also done with won.
South Korean trading volumes have emerged as a significant strength, with Upbit alone processing $2.62 billion in trades over the past 24 hours, making it the 11th largest cryptocurrency exchange by volume this weekend. week. Dogecoin transactions against the Korean won accounted for 3.06%, while the won also accounted for 19.77% of Saturday’s rush transactions.
Major South Korean exchanges, especially Upbit and Bithumb, are seeing notable price increases. At 1:50 p.m. ET on Saturday, the trading price of bitcoin on Upbit was $37,985 per unit, compared to the global average of $36,700, indicating a premium of nearly $1,300 in South Korea. Bithumb’s BTC fees are similarly high, with bitcoin costing $37,978. per currency.
Ethereum’s global rate is $1,966, but on Upbit and Bithumb, it is trading higher at $2,031 and $2,032, respectively. Bithumb is ranked as the 15th largest exchange by volume, having handled over $1 billion in trades in the last 24 hours. The trend continues on Coinone, where bitcoin is trading at $38,000 per unit and ether is valued at $2,034 per unit, surpassing the global average of $1,966.
While most other cryptocurrencies on these platforms align closely with global averages, Solana’s price is about $2 higher. High trading volumes and premiums in South Korea highlight the strong demand for cryptocurrencies in the region. Furthermore, these price discrepancies likely present significant arbitrage opportunities for astute traders.