Bitcoin is trading at its steepest discount on South Korean exchanges since October 2023, with traders shifting their attention to high-beta altcoins. This shift is reflected in the Bitcoin Korea Premium Index, which measures the price gap between Korean and offshore exchanges, now sitting at -0.55.
Traders Moving to Altcoins Amid Bullish Outlook
Data from CryptoQuant shows that savvy traders in South Korea have increasingly moved away from bitcoin, opting instead for altcoins like UXLINK, CKB, ARK, and PENDLE. This shift follows a recent U.S. interest rate cut, which has led analysts to forecast a bullish market for alternative cryptocurrencies in the coming months.
Altcoins Gaining Momentum
According to 10x Research, as Bitcoin recently surged past $60,000, traders have taken the opportunity to load up on altcoins in anticipation of a strong rally in the fourth quarter. Popular altcoins like TAO, ENA, SEI, and APT are among the most accumulated assets as investors look to diversify beyond Bitcoin.
Source: Coindesk
