South Korean Investors Gave Up on Bitcoin and Started Buying These Altcoins!

Bitget App

Trade smarter

Bitget

News

Bitcoinsistemi2024/09/25 15:45

By:Elif Azra Güven

South Korean investors have turned away from Bitcoin and towards altcoins such as UXLINK, CKB, ARK, and PENDLE.

South Korean investors, who are quite influential in the cryptocurrency market, have moved away from Bitcoin and towards altcoins.

The reason for South Korean investors moving away from Bitcoin was cited as the negative Bitcoin Korea premium index of CryptoQuant.

CryptoQuant’s Bitcoin Korea premium index, which measures the price difference between Korean and overseas exchanges, turned negative and fell to -0.55, reflecting the deepest decline since October 2023, data showed.

This means that the Bitcoin price on Korean exchanges is trading at its biggest discount since October 2023, meaning lower.

The fact that the BTC price was traded at a discount on Korean stock exchanges led investors to turn from Bitcoin to altcoins.

Citing the negative turn in CryptoQuant’s Bitcoin Korea premium index, 10X Research said that South Korean investors have recently shifted from Bitcoin to high-beta altcoins such as UXLINK, CKB, ARK, and PENDLE.

10x Research founder Markus Thielen, in a note to his clients, said that investors are tending to move away from Bitcoin, saying:

“Fast-moving investors are taking the opportunity to invest in undervalued altcoins in anticipation of a strong Q4 rally, and are turning to altcoins like UXLINK, CKB, ARK, and PENDLE.

“Experienced investors have previously accumulated undervalued altcoins such as TAO, ENA, SEI, APT, SUI, NEAR, and GRT when Bitcoin surged past $60,000 to $65,000.”

*This is not investment advice.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.

APR up to 10%. Always on, always get airdrop.

Lock now!

European Central Bank President Christine Lagarde said bitcoin is not an option as a reserve asset for the Eurozone’s central bank reserves, citing liquidity, security and regulatory concerns.Meanwhile, the Czech National Bank approved a proposal from Governor Aleš Michl to assess diversifying some of its country’s reserves into bitcoin.

The Block•2025/01/30 21:34

'Inevitable collapse': Trump’s crypto push sparks concern at Paul Singer's Elliott Management: FT

The hedge fund said in a new investor letter that the “inevitable collapse” of the crypto bubble “could wreak havoc,” according to the Financial Times.Elliott’s Paul Singer has never been a fan of crypto, telling WSJ in 2023 that cryptocurrencies are “completely lacking in any value.”

The Block•2025/01/30 21:34