Sunday, Ethereum has reached new local heights in Japan and South Korea. The reason is likely to be increasing domestic demand rather than exchange effects.
Monday morning, ETH is negotiated slightly outside the intrajournual summit but still well above recent averages.
The Japanese yen, the Korean has won soiled prizes.
Le 10 août, Ethereum a brièvement touché ￥ ￥ ￥ ￥ ￥ ￥ ￥ ￥ ￥ ￥ ￥ ￥ ￥ ￥ ￥ ￥ ￥ ￥ ￥ ￥ ￥ ￥ ￥ ￥ 455 au Japon par CoinmarketCap Data, dépassant son précédent dossier local de 632 954 yens établi le 17 décembre 2024.
While the price worded in dollar ETH was around $ 4,300 at the time, still at 12% of $ 4,891 ATH in November 2021 – The Yen’s worded prize for the second largest cryptocurrency has already broken a record.
In South Korea, Ethereum struck 5,971,000 ￦ on August 10 by Upbit Exchange Data, eclipizing the previous local peak of 5.9 million pounds sterling from December 2021.
Investors who only follow the Tables in US dollars may lack key regional signals. Local peaks often appear first, where currency trends and demand align.
Exchange rate effect? Unlikely
The price changes in cryptocurrencies in non-dollar terms are often linked to the effects of the exchange rate. In this case, however, this is unlikely. One year to date, the winning-doctoral rate has increased from 1,476.23 to 1,388.77 ₩, and the Yen-Dolar rate increased from ¥ 157.33 to ¥ 147.65.
The two currencies appreciated against the dollar during this period. Normally, a higher local currency means a smaller gain when converting dollars. However, Ethereum prices in South Korea and Japan have increased more than dollar prices.
This suggests an increase in domestic demand on both markets. Trade occurs in local currencies on domestic scholarships in the two countries, and foreign investors cannot open the accounts. These restrictions are due to exchange regulations limiting participation abroad.
Apparently, the Japanese and Korean public welcomed the multiple catalysts that supported the advance of ETH prices, in particular the adoption of the adoption of companies beyond Bitcoin and an American presidential decree allowing cryptocurrency investments in the 401 (K) retirement plans. The withdrawal of the dispute from the Securities and Exchange Commission of the United States against Ripple also supported the larger Altcoin market.
The rally was also supported by an increase in purchases of Ethereum from the US companies listed on the stock market by implementing what is nicknamed a strategy of “Ethereum Treasury” – systematic and strategic accumulation of ETH as a business actor.
For example, Bitmin now has more than $ 2.9 billion in Ethereum after having quickly accumulated 833,137 ETH in just 35 days. The company aims to control up to 5% of the total ETH offer thanks to aggressive partnerships of accumulation and strategic liquidity. This approach positions Bitmine before the peers of public societies, solidifying its advance in Institutional Ethereum Holdings.
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