Skyrocketing Price
As the price of bitcoin has recorded a very strong trend at the domestic exchange day after day, it surpassed 10 million won (US$9,207) on November 26.
South Korean exchange Bithumb, the world's largest cryptocurrency exchange by trading volume, announced that the price of bitcoin stood at 1,002,7000 won (US$9,232) at 3:10 pm on the 26th. The figure surged 66 percent in just 45 days.
The price of bitcoin was around 1 million won (US$920.47) early this year but it skyrocketed to 6 million won (US$5,522.83) on the 12th and 9 million won (US$8,283) on the 21st.
With the latest upward trend of bitcoin and the launch of bitcoin cash and bitcoin gold, the monthly turnover on the Bithumb exceeded 40 trillion won (US$36.81 billion) on the same day. The figure is the largest turnover shown among global cryptocurrency exchanges, according to Bithumb.
An official from Bithumb said, “As Japan has decided to recognize cryptocurrency as enterprise assets and adopted bitcoin future trades after the U.S., it affected the investment sentiment. The price of bitcoin will set a new record in the future as well”