Bitcoin Surges in South Korea’s Significant Crypto Growth
The crypto economy has shown significant growth in the past month, with South Korea emerging as a key player in trading activity.
Recent data from Cryptocompare.com reveals that on Saturday, November 18, 2023, bitcoin trades involving the Korean won constituted 3.53% of the total, while Ethereum trades represented 1.65%, and solana trades accounted for a notable 8.78%. Upbit, one of South Korea’s major exchanges, alone processed $2.62 billion in trades in the last 24 hours, ranking as the 11th largest crypto exchange by volume.
The Korean won also made up 19.77% of avalanche trades. Notably, Upbit and Bithumb are experiencing price premiums, with bitcoin trading at a $1,300 premium in South Korea. Ethereum and other cryptocurrencies also exhibit higher trading rates on these platforms, presenting potential arbitrage opportunities for savvy traders. The robust demand for cryptocurrencies in South Korea is evident through these high trading volumes and pricing differentials.
Clever Robot News Desk 20th November 2023
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