According to data from CryptoQuant, the South Korean Bitcoin Premium Index has reached its lowest point since October 2023. Another report also pointed out that Korean traders are switching to some Altcoin, and predicted that Altcoin will explode in the fourth quarter of this year.
Table of Contents
ToggleThe bargain price of kimchi falls, and various signs point to the hot spot turning to copycats
After the U.S. interest rate cut, the South Korean Bitcoin Premium Index reached a new low since October 2023. The kimchi premium originated from the popularity of currency speculation among Koreans, so you can also observe the premium status to understand the Korean market trend. The decrease in the premium index also means that the Korean market is no longer keen on Bitcoin. The index turned negative and fell to -0.55 on Wednesday. This is also shown by the trading volumes on South Korean exchanges, showing that people are moving towards Altcoin.
This chart from 10x Research shows the daily trading volume of the Korean market over the past 40 days, as well as the currency pairs with the highest trading volume each day. Recently traders have switched from the BTC/KRW trading pair to Altcoin such as UXLINK, CKB, ARK, and PENDLE.
10x Research calls for Altcoin, is the altcoin season coming soon?
Markus Thielen, founder of 10x Research, also said in a report to clients on Wednesday: "Fast-moving traders are seizing the opportunity to buy their favorite Altcoin, and a strong rebound is expected in the fourth quarter." He also said that some have already Market participants gave up on Bitcoin.
“As Bitcoin surges to $60,000 and aims to break through $65,000, savvy traders have buy the dips in undervalued Altcoin, including TAO, ENA, SEI, APT, SUI, NEAR and GRT,” said Markus Thielen.
