CandleFocus South Korean Investors Gave Up on Bitcoin and Started Buying These Altcoins!
2024-09-26
Author: Content Editor
South Korean investors, who hold significant influence in the cryptocurrency market, have shifted their focus away from Bitcoin and towards altcoins. This change is attributed to the negative Bitcoin Korea premium index of CryptoQuant, which measures the price difference between Korean and overseas exchanges. The index recently turned negative, reflecting the largest decline since October 2023. As a result, the Bitcoin price on Korean exchanges has reached its biggest discount since October 2023. This prompted investors to shift their attention from Bitcoin to high-beta altcoins like UXLINK, CKB, ARK, and PENDLE. The move towards altcoins is driven by the anticipation of a strong Q4 rally, with investors considering these altcoins undervalued. Experienced investors had previously accumulated undervalued altcoins such as TAO, ENA, SEI, APT, SUI, NEAR, and GRT during the surge of Bitcoin to $60,000 to $65,000.
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