Price increases on Korean exchanges: ETH, SOL, XRP, AVAX, ADA, etc. besides BTC join the kimchi effect

According to data from Coinmarket, the Bitcoin price of South Korea’s largest cryptocurrency exchange Upbit is currently 45,614, while the global average price is 42,783, with a kimchi premium of approximately 6%. Past experience shows that the pickle premium is one indicator that the bull market is about to return.

Not only Bitcoin, XRP, SOL, etc. also have kimchi premiums

According to Cryprice data, in addition to Bitcoin, the kimchi premiums of ETH, SOL, XRP, AVAX, ADA, etc. can be directly compared. Mostly around 6%.

The supply of Bitcoin and ETH increased by 4.03% and 4.69% respectively in 24 hours. This increased supply reflects South Korean investors’ optimism about the cryptocurrency market and has caused a Kimchi premium.

Kimchi premium appears! Is the bull market coming back?

According to US Federal Reserve (FED) Chairman Powell, this round of interest rate hikes may be nearing its end. It is expected that many Fed officials will recommend interest rate cuts next year, with some officials believing that there may be three rate cuts, while others believe that there may be six rate cuts. The news triggered market expectations for an imminent bull market.

The kimchi premium has also been one of the important indicators of the return of the bull market in the past. There was also a kimchi premium on November 19 this year. At that time, major Korean exchanges, especially Upbit and Bithumb, were experiencing significant premiums. In the early hours of the same day, the trading price of Bitcoin on Upbit was US$37,985 per coin, while the global average price was US$36,700, indicating a premium of nearly US$1,300 in South Korea; the price of Bitcoin on Bithumb also showed a premium, with the Bitcoin price per coin 37,978 US dollars. Overall, the current "Korean kimchi premium" range is about 3.5%.

The premium this time has reached 6%, which shows that the mood for the return of the bull market may be even higher!

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