Bitcoin

Ethereum

<p>Bitcoin, the world’s largest cryptocurrency, exceeded the KRW 60 million (approximately $45,700) mark in the South Korean market on Wednesday (local time), reaching its highest value of the year.</p><p>So far today, the nation’s leading crypto exchange, Upbit, saw Bitcoin’s price soaring to a daily <a href="https://upbit.com/exchange?code&#61;CRIX.UPBIT.KRW-BTC" rel="noopener noreferrer nofollow">peak</a> of KRW 60,642,000. Meanwhile, another major trading platform, Bithumb, observed Bitcoin’s value touching a daily <a href="https://www.bithumb.com/react/trade/order/BTC-KRW" rel="noopener noreferrer nofollow">high</a> of KRW 60,775,000.</p><h2 id="header-0">Highest since November 2021</h2><p>This is the first time Bitcoin went above the KRW 60 million mark since November 2021. Amid this development, the Kimchi premium, a term indicating the gap in crypto prices between Korean exchanges and their foreign counterparts, has exceeded 4%. According to data from crypto information platform <a href="https://coinness.com/market/kimchi-premium/average" rel="noopener noreferrer nofollow">CoinNess</a>, at the time of publication, the average price of Bitcoin on Korean platforms is KRW 59,986,250, while the average price of Bitcoin on foreign platforms is KRW 57,605,406.</p><p>Ethereum prices are also on the rise. On Upbit, Ethereum <a href="https://upbit.com/exchange?code&#61;CRIX.UPBIT.KRW-ETH" rel="noopener noreferrer nofollow">reached</a> its highest point of the day at KRW 3,163,000, and on Bithumb, it <a href="https://www.bithumb.com/react/trade/order/ETH-KRW" rel="noopener noreferrer nofollow">peaked</a> at KRW 3,162,000.</p><h2 id="header-1">Rate hike halt and Bitcoin halving</h2><p>The ongoing surge in Bitcoin’s value is widely believed to be influenced by a halt in global interest rate hikes and the anticipated Bitcoin halving event scheduled for April 2024. Additionally, the potential approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission is seen as another significant factor contributing to the rise in the digital currency’s prices.</p><p>Meanwhile, the Crypto Fear and Greed Index from software comparison platform Alternative.me currently indicates a sentiment of “<a href="https://alternative.me/crypto/fear-and-greed-index/" rel="noopener noreferrer nofollow">Greed</a>” with a score of 72. This index assesses various factors, including volatility, market momentum and volume, social media buzz, market dominance and trends. The scale ranges from 0 to 100, where 0 signifies “Extreme Fear” and 100 represents “Extreme Greed.” Scores nearer to 0 suggest increasing fear among investors, potentially signaling a buying opportunity. On the other hand, scores approaching 100 imply growing greed, hinting at the possibility of a market correction.</p><h2 id="header-2">Korean won as the top fiat trading pair</h2><p>During this latest Bitcoin rally, where the cryptocurrency climbed to over 50% of its highest price in almost two years, South Korean crypto traders have played a significant role, Bloomberg <a href="https://www.bnnbloomberg.ca/south-korean-crypto-traders-influence-jumps-during-recent-bitcoin-rally-1.2007720" rel="noopener noreferrer nofollow">reported</a>, citing data from CCData. In November, the South Korean won exceeded the U.S. dollar as the top fiat trading pair in the crypto market for the first time.</p>

Bitcoin records this year’s highest in Korean market, surpassing KRW 60M

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