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Cryptocurrency News Articles

Bitcoin Premium Index Hits Highest Point in a Month Amid Widening Price Gap Between Domestic and Overseas Exchanges

Dec 28, 2024 at 08:50 am

It was found that the market price gap widened between domestic and overseas exchanges in the process of the price of Bitcoin, which recently exceeded 150 million won.

Bitcoin Premium Index Hits Highest Point in a Month Amid Widening Price Gap Between Domestic and Overseas Exchanges

The price of Bitcoin has recently surpassed 150 million won, and the market price gap between domestic and overseas exchanges has widened. This is because the buying in the domestic market is higher than that of overseas, and the domestic virtual asset market is caused by no real-time financial transactions. Some advise that investment needs attention due to this price difference.

According to the Upbit Premium Index on the 28th, the Bitcoin Premium Index rose to 5.3% on the 22nd, the highest in the past month. Bitcoin's closing price reached 144.8 million won on the day, which means that the market price is 5.3% higher than that of overseas exchanges. It was traded about 7.29 million won more expensive than overseas exchanges on Upbit.

The Upbit Premium indicator is a kind of 'Kimchi Premium', showing the difference in market prices between Upbit and other exchanges. By comparing the global price of the coin market cap, the difference in market prices between Korea and overseas can be identified.

Dunamu, which operates Upbit, recently added a "Market Insight" function to its laboratory that allows users to see market differences with overseas exchanges. This function provides various analysis information based on transaction data of upbit users. You can check upbit premium indicators, upbit holdings, detailed engagement strength, and upbit net purchase data.

Bitcoin premium indicators were negative until the beginning of this month, and then turned positive from the middle of the month. Bitcoin buying sentiment on overseas exchanges was stronger than in Korea, falling to -2.4 percent in early December. However, as bitcoin prices have fallen to around 140 million won since the middle of this month, buying in Korea has become stronger. Because of this, the Bitcoin premium index also rose and then fell back to the early 2% range. Premiums of major coins such as Ethereum, Ripple, and Solana were also around 2%, showing a similar pattern.

Experts also point out that the domestic virtual asset market may have greater price volatility due to a closed structure unlike overseas.

"Domestic virtual asset exchanges have limited access to corporations and institutions, and individuals are restricted from remittances due to the Foreign Exchange Management Act," said Kim Min-seung, head of Covit Research Center. "This leads to a price difference between domestic and overseas exchanges due to the lack of real-time financial transactions."

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