Cryptocurrency premiums in South Korea continue to surpass the global average, according to metrics. Currently, bitcoin is being traded at $69,245 per piece globally, while on Upbit, a South Korean platform, it is being traded at $73,513 each. In March, Upbit’s trade volume increased significantly by 172.25% compared to February.
South Korea’s premium price phenomenon extends beyond bitcoin. Ethereum, Solana, and Bitcoin Cash are also experiencing higher prices in the country. Ethereum’s global average is $3,394, but on Upbit, it climbs to $3,590 per unit and reaches $3,592 on Bithumb. Similarly, Solana is valued at $190.93 on Upbit and $190.86 on Bithumb, compared to the global rate of $180.37. Bitcoin Cash trades at $722.95 on Upbit and $725.24 on Bithumb, surpassing the global average of $679.95.
This trend is observed across various digital currencies available in South Korea. Data shows that the South Korean won accounts for a significant percentage of total Bitcoin, Ethereum, Solana, and Bitcoin Cash transactions. Additionally, 8.84% of all Dogecoin transactions are conducted in the South Korean won. The exchange volumes in South Korea also saw a notable increase in March compared to February.
In February 2024, Upbit recorded a spot crypto volume of $81.34 billion. By March, this figure soared to $221.45 billion, marking a 172.25% boost from the previous month. Bithumb also experienced decent growth, with volumes increasing from $35.24 billion in February to $50.17 billion in March, a 42.36% increase.
What are your thoughts on the trading phenomenon of specific crypto assets in South Korea trading at a premium? Share your opinions in the comments section below.
