The volumes in Korean exchange play a very important role in deciding the trend of cryptocurrencies either ways. It is believed the Koreans were the ones that took up the Bitcoin prices to its all-time highs and supposedly it is trying to seek its regulations in support of the cryptocurrencies.
The volumes of Bitcoin in BTC/KRW have been on a high for Bitcoin compared to any other fiat crypto pair. Also, Korean exchanges such as Bithumb and Coinbit are clocking strong and market leading volumes. It’s already been a couple of times in recent months, the premium has been observed in Korean exchanges but it hasn’t yet sustained like 2017.
“But the way volumes are spiking we may soon see Kimchi Premiums consistently.”
This graph from cryptocompare.com shows how volumes in Korean Won (blue) have been rather silent since the beginning of the year but have actually opened wide over the last few weeks.
If this graph is zoomed in to the past month, one can see this trend even better. It can also see clearly the spikes in market share that are occurring during the Asian session, which often brings KRW trading to about 50% of the entire market.
While Korean markets are spiking, Japan may soon join the party as cryptocurrencies are now been giving a self-regulatory status- a much need regulatory boost
These signs are positive for cryptos and it is somehow replicating trends similar to what it was in 2017 just before the bull run began. Are we going to see a replication of the same?
To know more about crypto trends keep reading our price analysis section.
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