How South Korean markets influence the Ethereum and Ethereum Classic prices

During the last period, several of the main South Korean Cryptocurrencies Exchanges have introduced the option to buy Ethereum and Ethereum Classic using “Won” – the fiat currency in South Korea.

This new purchase way is injecting tons of new funds into Ethereum and Ethereum Classic markets. And the most important things is that ETH and ETC trades had (and still have) a volume higher that BTC trades.

Now let’s see how are the situations on the major Korean Exchanges:

This is the situation on Coinone (https://coinone.co.kr/) market:

Coinone ETH ETC trades


The volumes of Korbit (https://www.korbit.co.kr) market:

korbit market ETH volumes

And the volumes of Bithumb (https://www.bithumb.com/) market:

bithumb trade volumes

Like you can see, every one of the three cryptocurrencies available is traded with WON (KRW) directly. This means that is not necessary anymore purchase Bitcoins and then trade them with ETH/ETC. The ETH volumes during the last 24 hrs were twice that of BTC, and incredibly, Ethereum Classic volumes were more than 5x that of BTC! How can we explain it?

In South Korea (and in the major part of Asian Market) we see an always growing interest in Cryptocurrencies, in particular, an interest focused on Ethereum. Several conferences and events during last month increased the knowledge about ETH and the possibility to purchase it directly using fiat currency certainly helped.

We were always sure of the value of Ethereum Network and its potential, anyway, we were surprised of the volumes of ETC (Ethereum Classic) traded during the last 24 hrs. If you take a look at the tables above, you can see that, in the Exchanges where ETC is traded, it had a trading volume 2x that of Ethereum! This means that, at the moment, in South Korea, investors are buying more ETC than ETH. Is this an episode of unjustified euphoria or a signal that something is growing in the ETC universe? Stay tuned for further update.

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