Mar 7, 2024 - Economy

Why Bitcoin highs are so complicated

Most recent Bitcoin all-time highs on select exchanges
Data: Kaiko, CoinMarketCap and CoinGecko; Chart: Erin Davis/Axios Visuals

Some folks are cheering new all-time highs for bitcoin, while others are still waiting.

Why it matters: At what price bitcoin (BTC) peaked depends on the platform — numbers vary across exchanges, according to Kaiko Research.

Zoom in: The firm found that exchange-specific highs diverged across the board, using a volume-weighted average price analysis on USD-BTC trading pairs.

  • Data from CoinMarketCap and CoinGecko were pulled from those respective sites, which offer prices based on some kind of average from many marketplaces.

Between the lines: The kimchi premium is back, and then some.

  • This describes a phenomenon on South Korea-based crypto exchanges, which block foreign traders from using them, showing higher prices for crypto relative to others in different places.

What we're watching: Are we there yet?

Go deeper