On September 1, CYBER Token trading activity spiked unexpectedly on top Korean exchange, Upbit. However, what caught the crypto community's attention was the digital currency's staggering 50% price difference compared to other global exchanges. While CYBER touched $15.80 on Upbit , its price on international platforms such as Binance, Coinbase, OKX , and Huobi hovered around $10, leading to much speculation and questions.
Some have attributed this price difference to Korean investors rushing to buy CYBER, which could explain the Token more pronounced price increase on Upbit.
However, according to BlockBeats, the main reason for the price difference across different exchanges is the significant premium associated with CYBER at the Upbit platform. It is known that the premium can be up to 75% compared to the global market. Therefore, the CYBER price on Upbit should be about 75% higher than other exchanges, resulting in a swing of around $15.8. However, there is still no clear information on how exactly this premium works.
Currently, Upbit holds the largest share of CYBER Token in the market, accounting for 33% of the circulating supply. Recent days have been a remarkable time for holder as prices have nearly quadrupled despite the volatile cryptocurrency market. However, significant price differences between exchanges are a warning sign for investors to be cautious and maintain a long-term view.
CYBER is trading around $13.08 at the time of writing, up 53% in the past 24 hours, with a market Capital of $144 million. In the past, similar arbitrage cases have occurred with many other Token on Upbit. For example, on August 15, the value of Sei hit $0.52 on Upbit, while remaining at $0.23 on Binance. However, the price gap between the two sides narrowed on August 16.
Binance 4-hour CYBER price chart | Source: Tradingview
In addition to Upbit, the Sei price on Coinbase also differs significantly from other exchanges, increasing to nearly 1 dollar, 4 times higher than the Sei price on Binance. Upbit is South Korea's largest cryptocurrency exchange, playing a key Vai in driving the recent growth of several coins, including STG, BCH, BLUR, MINA and others.
You can XEM the coin prices here.
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According to AZCoin News
