Bitcoin started the new year on a strong note, rebounding to around 141 million won (approximately $96,056). Ripple, a popular cryptocurrency in South Korea, surged by more than 10% among altcoins. The Kimchi Premium—the price difference between Bitcoin in South Korea and global markets—stood at about 1%.
As of 8:30 AM on Thursday, Bitcoin was trading at 14,127,000 won (roughly $9,628) on Bithumb, one of South Korea’s largest cryptocurrency exchanges, showing a modest increase of 0.27% from the previous day. At the same time, it was priced at 14,136,000 won (around $9,634) on Upbit, reflecting a 1.52% rise. On CoinMarketCap, a leading cryptocurrency data provider, Bitcoin was listed at $94,449, marking a 1.06% jump over the last 24 hours.
Ethereum, the second-largest cryptocurrency by market capitalization, has maintained its position above 5 million won (roughly $3,407). At 8:30 AM, Ethereum was trading at 5,010,000 won on Bithumb, up by 0.08%, and at 5,010,000 won (about $3,415) on Upbit, showing a 0.70% increase. On CoinMarketCap, Ethereum had risen by 0.48%, priced at $3,347.
According to Crypprice, a global cryptocurrency comparison platform, the Kimchi Premium for Bitcoin was reported at 1.12% as of 8:33 AM.
Ripple saw a significant surge of over 10% among altcoins, contributing to overall market liquidity. Other Ripple-related cryptocurrencies also posted impressive double-digit gains.
On Upbit, Ripple rose 11.66%, Stellar Lumens surged 27.48%, IOTA gained 14.66%, Algorand climbed 13.45%, Hedera increased by 9.98%, and Cardano went up 8.73%. These cryptocurrencies, like Ripple, are all considered ISO 20022-compliant coins, although their compliance has not been officially confirmed.
ISO 20022 is an international standard for financial messaging developed by the International Organization for Standardization (ISO). It facilitates the exchange of financial data between central banks, financial institutions, and businesses worldwide, including payments, remittances, and currency exchanges.
Experts are divided on Bitcoin’s price outlook for the year. Some predict it will surpass the next key resistance level of 200 million won (about $136,336), while others caution that it could drop to the 70 million won (approximately $47,714) range. They highlight a mix of substantial demand factors and potential risks likely to shape the market in the months ahead.