íàçâàíèå

EOS Price Rallies 15% as ‘Kimchi Premium’ Returns in South Korea

EOS Price Rallies 15% as ‘Kimchi Premium’ Returns in South Korea

The EOS price rallied by 15 percent on Tuesday, outpacing its peers amidst a comprehensive market advance.

At present, the EOS price is valued at a global average of $13.40, up from $11.71 on Monday. In the past week, EOS has surged more than 50 percent, which is the second-best performance among top 10-cryptocurrencies.

Notably, this price action has occurred even in the wake of the high-profile eosDAC airdrop, whose blockchain snapshot took place on April 15. Generally, prices rise ahead of an airdrop and decline once they occur, so it is significant that EOS has managed to sustain its advance even after the blockchain snapshot.

Source: CoinMarketCap

EOS’s rally has correlated with strong trading volume in South Korea, where the token currently trades at a premium as high as $0.16 over prices on Western exchanges. EOS/KRW pairs on Bithumb and Upbit account for more than $629 million in volume, representing approximately one-third of the token’s total daily trading volume.

Though not quite as profound as the “Kimchi premium” observed on South Korean trading platforms in late 2017, this spread between KRW and other trading pairs is a sign that local demand is continuing to tick back up as the overall market recovers from its bear cycle.

Source: CoinMarketCap

On a related note, EOS is likely trading up on yesterday’s news that Coinone, another large South Korean exchange, listed EOS for trading against KRW, increasing the token’s liquidity in this lucrative market.

Additionally, cryptocurrency hedge fund Multicoin capital on Tuesday released a detailed analysis and valuation of EOS, concluding that the token will likely see “significant upward price action” throughout the medium term.

Finally, EOS’s mainnet launch, which is currently scheduled for June 1, is rapidly approaching, so — barring any delays or other foreseen incidents — anticipation for this event could increase buy pressure over the short-term.

Featured image from Shutterstock.

24.04.2018 / 07:55 66
South Korea’s Bitcoin Price Premium Returns as Crypto Market Climbs to $385 Billion South Korea’s Bitcoin Price Premium
Over the past seven days, the cryptocurrency market has increased in value from $324 billion to $385 billion, as the bitcoin price increased from
Cardano Price Leads Lonely Advance as Bitcoin Retreats Below $8,000 Cardano Price Leads Lonely Advance as
The Cardano price posted a lonely advance on Monday, as the wider cryptocurrency markets slouched into an early-week slump and the Bitcoin price sunk
EOS Price Soars 30% as Airdrop Nears amid Wider Market Rally EOS Price Soars 30% as Airdrop Nears
The EOS price leaped by more than 30 percent on Wednesday, headlining a rally that saw the cryptocurrency market cap swell by more than $6 billion.
NEM Price Jumps 16% as Other Top Coins Tumble NEM Price Jumps 16% as Other Top Coins
The NEM price surged 16 percent on Tuesday, defying the bearish trend that characterized every other top-tier cryptocurrency. NEM Price Surges 16
Ripple Price Roars Past $1.05 as Korean FOMO Kicks into High Gear Ripple Price Roars Past $1.05 as Korean
The Ripple price roared past $1.05 on Monday amid surging volume in South Korean markets. Ripple Price Roars Past $1.05 The move was somewhat
Ethereum, Litecoin Prices Headline $20 Billion Altcoin Rally Ethereum, Litecoin Prices Headline $20
The cryptocurrency markets achieved another comprehensive advance on Tuesday, but — breaking from recent norms — the bitcoin price was not leading
Comments (0)
Add a comment
Comment on