Is a surging premium in South Korea a top signal or a sign that the Bitcoin rally is only getting started?
The price of Bitcoin (BTC) is continuing to range between $56,000 and $60,000, as the so-called "Kimchi premium" is surging to yearly highs.
Kimchi premium forms when Bitcoin is trading at a higher price in South Korea over other major markets like the United States.
In 2017, the Kimchi premium surpassed 20%, causing Bitcoin to trade at around $24,000 in South Korea while it topped at nearly $20,000 in the US
Korea Premium Index.