Koreans Trading XRP & XLM Heavily With Over 5% Premium, At Times Surpassing Even BTC & ETH
Both digital assets are being favored more than other cryptocurrencies. Compared to the 4.7% Kimchi Premium on Bitcoin and Ethereum, XRP and Stellar’s is at 5.4%.
In the US market, the SEC charging Ripple and its two top executives for allegedly selling unregistered securities has led the cryptocurrency exchanges to suspend XRP trading temporarily.
However, this isn't the case in other parts of the world.
Given that XRP is trading just around $0.32 XRP 1.52% XRP / USD XRPUSD $ 0.76
$0.011.52% Volume 2.5 b Change $0.01 Open $0.76 Circulating 46.31 b Market Cap 35.3 b 3 d Ripple Teams Up with SBI To Launch First On-Demand Liquidity Service In Japan 5 d SWIFT Takes Swipe At Ripple With A Cheaper Cross-border Payment System 1 w 50% of Family Offices Wants to Invest In Cryptocurrencies: Goldman Sachs Report , nowhere near its all-time high of $3, the retail sees it as a chance to pick up some cheap crypto assets with Bitcoin becoming too costly at above $41,000.
On the South Korean cryptocurrency exchange Upbit, as of writing, XRP/KRW has been the most traded asset with $1,112,585,559 in volume in the past 24 hours, as per CoinMarkCap. The digital asset is also trading 5.4% higher than what it is trading at Binance and Coinbase Pro.
The same is the case for another exchange Bithumb, on which XRP/KRW is the second heavily traded pair after Bitcoin/KRW with $426,779,536 and $578,740,959 in volume, respectively.
It is because of the heavy capital controls that have “led to higher market prices offshore in those regions as they are used to exit the local fiat system.”
Interestingly, Stellar (XLM) is being just as heavily traded, which has surged 150% in value in the past week XLM 2.05% Stellar / USD XLMUSD $ 0.29
$0.012.05% Volume 626.27 m Change $0.01 Open $0.29 Circulating 23.39 b Market Cap 6.79 b 1 w Bitcoin Depot Deploys Over 700 Crypto ATMs Across Circle K Stores 1 w Stellar Mulls Potential Acquisition of MoneyGram, One of the Largest Money Transfer Services 1 w Bitcoin Retesting the Lower-End of Range, OI Still Continues to Soar While GBTC Unlocks Now Behind Us .
Not only are Koreans investing in XLM with Upbit recording $490,824,986 and Bithumb $125,930,072 in volume to become one of the five most traded digital assets, but it is also the third most traded asset on Coinbase Pro.
XLM is also trading at a 5.3% kimchi premium.
As we reported, this popular kimchi premium that first appeared in late December is getting strong as the cryptocurrency market rallies hard.
The top two digital assets, Bitcoin and Ethereum, are trading at a premium of about 4.7%. While BTC/USD is trading at $41,032 on Coinbase, on Bithumb and Upbit, it is above $43,000. As for ETH, the difference is $50.
During the bull run of 2017, this kimchi premium went as high as 33%, so it is just the beginning.