According to data from CryptoQuant, the South Korean Bitcoin Premium Index has reached its lowest point since October 2023. Another report also pointed out that Korean traders are switching to some altcoins, and predicted that altcoins will explode in the fourth quarter of this year.
The bargain price of kimchi falls, and various signs point to the hot spot turning to copycats
South Korea’s Bitcoin Premium Index reached its lowest level since October 2023 following the U.S. interest rate cut. The kimchi premium originated from the popularity of currency speculation among Koreans, so you can also observe the premium status to understand the Korean market trend. The decrease in the premium index also means that the Korean market is no longer keen on Bitcoin. The index turned negative and fell to -0.55 on Wednesday. This is also shown by the trading volumes on South Korean exchanges, showing that people are moving towards altcoins.
Source: CryptoQuant
This chart from 10x Research shows daily trading volumes for the Korean market over the past 40 days, along with the most traded currency pairs each day. Traders have recently switched from the BTC/KRW trading pair to altcoins such as UXLINK, CKB, ARK, and PENDLE.
10x Research calls for altcoins, is the altcoin season coming soon?
Markus Thielen, founder of 10x Research, also said in a report to clients on Wednesday: "Fast-moving traders are seizing the opportunity to buy their favorite altcoins, and a strong rebound is expected in the fourth quarter." He also said that some have already Market participants gave up on Bitcoin.
“As Bitcoin surges towards $60,000 and aims to break $65,000, savvy traders have scooped up the dips in undervalued altcoins, including TAO, ENA, SEI, APT, SUI, NEAR and GRT,” said Markus Thielen.
This article Has your altcoin made the list? The copycat season of institutions calling for orders will break out in the fourth quarter first appeared on Chain News ABMedia.
