Based on recent data, the surge of bitcoin beyond the $41,000 mark has triggered a significant increase in trading activity originating from South Korea. Alongside this heightened volume, bitcoin is currently commanding a $1,500 premium on major South Korean cryptocurrency exchanges, including Upbit, Bithumb, Korbit, and Coinone.
South Korea’s ‘Kimchi Premium’ Returns Amid 2023’s End-of-Year Bitcoin Rally
As bitcoin’s value soared to a peak of $42,400 per unit on December 4, 2023, the digital currency has been exchanging hands at around $41,769 per coin. Archived data recorded on December 5 reveals a substantial $95.8 billion in global 24-hour trading volume, with bitcoin (BTC) accounting for $39 billion of these trades. During the 24-hour period, the most prominent fiat currencies traded against bitcoin were the USD, KRW, EUR, GBP, and JPY.
The United States dollar (USD) dominated with 14.87% of the total trades, while the Korean won (KRW) comprised 4.71%. On December 3, as
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