Bitcoin, the global leading cryptocurrency by market capitalization, is nearing the $100,000 mark, while other cryptocurrencies like Ethereum and Ripple are intensifying their pursuit. According to global cryptocurrency information platform CoinMarketCap on December 2nd, Bitcoin has decreased by about 2% over the past week and is trading around $96,000. A phenomenon known as “reverse Korean premium” or “reverse arbitrage” is present, with Bitcoin trading at 134 million KRW on the Korean market, reflecting a -0.29% difference compared to international markets as per Upbit. This indicates how much lower Bitcoin prices are in Korea compared to overseas.
Meanwhile, Ethereum has surged over 7% from a week ago, trading at around $3,600. In the Korean market, it trades at 5.12 million KRW with a -0.32% Korean premium, also exhibiting a reverse arbitrage situation. Notably, Ripple has skyrocketed by over 60%, ascending to the third-largest in global market capitalization, pushing the total global cryptocurrency market cap beyond $3.43 trillion. According to a representative from the Xangle Research Center, Ripple has overtaken Solana to claim the third spot in market capitalization, marking its highest level since January 2018, when Ripple hit an all-time high of $3.3.
Based on Dunamu’s data, the Upbit Market Index (UBMI) for the past week (November 25 to December 1) rose by 2.39% to 20,596.52. Altcoins, cryptocurrencies other than Bitcoin, also saw significant upward trends. The Upbit Altcoin Market Index (UBAI), which indicates market trends among altcoins on the Upbit Korean market, increased by 9.49% to 10,868.27. An industry insider mentioned that while Bitcoin remains stagnant, other cryptocurrencies that led previous bull markets, like Ethereum, are rebounding, and it remains to be seen if this price rebound will continue alongside other decentralized finance (DeFi) assets.