Crypto market cap at $385 billion; South Korea reclaims premium Bitcoin price
South Korea is by far the most active country when it comes to crypto trade. With Bitcoin finding itself in the middle of a steady price hike over the past few days, the crypto market cap has also increased by over $50 billion USD. This has caused the premium Bitcoin price in South Korea to return!
Over the past seven days, the value of Bitcoin has increased from $8000 to over $8,800. This has led to the cryptocurrency market to increase in value from $324 billion to $385 billion. Also, many cryptocurrencies have experienced a 10% to 20% increase in price during this period.
Up until last week, the price of some of the major cryptocurrencies such as Bitcoin, Ethereum, Ripple, etc. was lesser in comparison to other markets such as Japan, USA, etc. Usually, this is dead opposite, where the price of most of the crypto tokens in South Korean exchanges is higher by at least 5% to 30%.
This is because the supply of crypto in South Korea is low, owing to the fact that there is a ban in the country with regard to foreign cryptocurrency traders. The country depends on miners from China and Japan to bring in cryptocurrencies.
The best example of the South Korean premium price of Bitcoin is when Bitcoin almost reached $20,000 at the end of 2017. At this point in time, Bitcoin was worth over $25,000 in South Korean crypto exchanges.
Now, the premium Bitcoin price has made a comeback in the country. Though the value of 1 Bitcoin (at the time of writing) is approx. $8,900, it is being traded on Bithumb, South Korea’s biggest crypto exchange, at a price of approx. $9,000! Though this isn’t a big margin compared to the previous ones, there are positive signs that it could increase to 15% to 20% in the near future.
But, what has caused the premium valuation to return all of a sudden? This is most likely due to the increase in the crypto market cap. The increase is massive, which is about $60 billion in a matter of a few days.
Bitcoin is showing no signs of slowing down anytime soon as the price is climbing steadily and continuously. If the trend continues, there is no doubt that Tim Draper’s prediction is going to come true!
Image source: Shutterstock