After reaching a record high of $ 2 trillion, the cryptocurrency market has lost nearly 6% in the past few hours as the Kimchi premium in South Korea has finally lost steam.
Within a few hours, the overall crypto market has lost more than $ 100 billion and is currently at $ 1.86 trillion.
Bitcoin lost 3.75% and fell below $ 56,500 after holding $ 57,000 for a while. However, most of the damage has occurred in the altcoin area, which has performed great last week. Altcoin space alone contributed to an 80% market correction that lost nearly $ 80 billion in less than 24 hours.
What is Kimichi Premium?
In retrospect,Kimchi PremiumIs a measurement representing the difference in bitcoin prices across South Korean stock exchanges and other global trade routes. Arcnae Research analysts state that when the indicator peaks, bitcoin somehow bursts bullish bubbles. The metric reached 47 percent in January 2018 and 63 percent in 2017, followed by major price corrections in the global bitcoin market.