Bitcoin's value surpassed $60K, hitting a 24-hour high of $61,389, with South Korea experiencing a significant premium in the local exchange rate, contributing to the global bitcoin frenzy.
On Wednesday, bitcoin's value rose past the $60K threshold, peaking at a 24-hour high of $61,389 at 10:45 a.m. (ET).
In Worldwide Bitcoin Craze, South Korea and 30+ Countries See Unprecedented Price Hits
At the same time, South Korea observed a marked premium over the international exchange rate, with local platforms such as Upbit and Bithumb displaying a higher price of $2,251. In addition to the US and the recently approved spot bitcoin exchange-traded funds (ETFs), South Korean bitcoin trading activity has played a significant role in bitcoin's 2024 uptrend.
Whenever bitcoin experiences a bullish trend, its value in South Korean won always exceeds, showing what is known as a 'Kimchi premium'. In the ongoing bitcoin rally, this well-known Kimchi premium is quite evident, showing a sizable premium on February 28 for bitcoin over the standard, weighted global exchange rate in U.S. dollars. At 11:30 a.m., the global standard and weighted exchange rate for bitcoin was at $61,213, while on Upbit, bitcoin was trading at $63,463 per unit, marking a gain of $2,251.
Bitcoin has passed its all-time high in more than 30 countries, including China and India.
Bithumb, Korbit, Coinone all reflect a notable premium for bitcoin in terms of the US dollar equivalent of the Korean won used to purchase the cryptocurrency. Upbit and Bithumb have emerged as centers of significant trading volume, as of Wednesday, Upbit recorded $5.97 billion worth of crypto transactions, and Bithumb reported $1.97 billion in trading. Collectively, these two South Korean exchanges contributed to 6, 5% of $122 billion in global cryptocurrency transactions over the past day. When considering fiat currency pairs, the South Korean won ranks as the second most traded national currency against cryptocurrencies, second only to the US dollar.
The leading fiat pairs, excluding stablecoins such as USDT, USDC, and FDUSD, are the dollar, won, euro, pound, and yen South Korea is not the only country to observe a peak in the value of BTC. On Wednesday, entrepreneur and cryptocurrency advocate Balaji Srinivasan pointed out that BTC had surpassed "all-time highs in more than 30 countries, including China and India." At 12:15 pm Eastern Time (ET) on February 2.
Novogratz said:
Perhaps for the first time since it became an asset, now that most of the US wealth has easy access. It's hard to predict where we'll stop.
Regardless, in more than 30 countries, including South Korea, there is high engagement with the current crypto bull market, indicating a worldwide surge in demand for these limited digital assets.
What do you think about South Korea's bitcoin premium and the worldwide bitcoin frenzy? In your opinion, is the price moving through a price exploration phase? Share your thoughts and opinions on this topic in the comments section below.
