The hysteria of people in the Southern part of Korea for digital coins, majorly in the alt coins, has elevated the transaction volume for crypto past 45 trillion won ($43.11 billion) in the 24 hrs until Friday morning.
The track report made available by a world wide known Cypto Tracker CoinMarketCap data showed that the four largest exchanges in the country traded a total of 44.97 trillion won including Upbit’s 39.38 trillion won.
The trade figure surpass the combined trading volume of the country’s two stock markets Kospi and Kosdaq by far. On Thursday, both stock markets exchange less than 25 trillion won.
The explosive trading volume was backed by a spike in interest in altcoins, which refers to cryptocurrencies other than the largest Bitcoin.
Ethereum Classic rise with almost half of 100 within the 24 hours frame. the coin move from about 17,740 to 170,000 won. Early in March while Bitcoin lingered below 70 million won. As of 2:11 PM on Friday, Quantum jumped 24 percent from a day ago to 37,500 won while EOS doubled in the past three days to as high to 14,290 won.
Ethereum, the second-largest digital currency by market cap, has been on a strong gaining momentum this week, following the news that the European Investment Bank plans to issue a digital bond worth 100 million euros ($120 million) on the Ethereum-backed blockchain network. Ethereum traded above 41 million won on Friday, rising from about 32 million won on Monday.
Although, Alt coin is receiving attention all over the world but the acceptability in the Southern part of Korea seems very high. According to CoinMarketCap, Bitcoin transactions accounted 40 percent across the global exchanges it tracks on Friday morning, in South Korea, Bitcoin transactions took up only 7 percent during the same period.
The frenzy on the markets of South Korean Cryptocurrencies was also a part of the ‘Kimchi Premium,’ which refers in turn to higher prices for same Korean cryptocurrencies. The Kimchi Premium last month was as high as 20%. For example, when one Bitcoin was sold for 81 millions won on Bithumb on April 14, 71 million won on global bonds were exchanged in the same amount.
On its trade website, Upbit, the country’s largest crypto-monnaie exchange, issued alerts that the price gap between Upbit and the world market was over 5 percent.