Cryptocurrency Market Recovers to $500 Billion as Bitcoin, Ethereum Record Gains

For the first time in February, the cryptocurrency market has recovered to $500 billion, as most major cryptocurrencies including bitcoin and Ethereum recorded large gains in the past two days.

Within the past 24 hours, bitcoin recorded a price increase 9 percent, rising from $10,030 to $10,850. Premiums in the South Korean cryptocurrency market have reemerged, and over the past 24 hours, bitcoin has been traded in the South Korean market with a 2 to 3 percent premium. At the time of reporting, on Bithumb, South Korea’s largest cryptocurrency exchange, bitcoin is being traded at $11,200.

Relative to major markets like Japan and the US, the South Korean cryptocurrency exchange market has significantly smaller supply of most cryptocurrencies. Hence, when the demand for bitcoin or other cryptocurrency spikes, premium rates tend to reemerge. The reappearance of premiums signal an increase in demand for cryptocurrencies by local investors, which is an optimistic indicator of short-term recovery, especially in the Asian market.

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