Upbit Surge Signal Appears... Bitcoin Holds Its Ground, Altcoins Ignite

▲ Upbit, Bitcoin, XRP ©

As Upbit's trading volume surged, Bitcoin maintained its upward trend despite a sharp drop in the New York stock market, leading the cryptocurrency market to enter a 'distinct rally' phase.

According to Upbit data as of 6:27 AM KST on May 5, Bitcoin (BTC) continued its bullish trend, rising 2.08% from the previous day to 119,014,000 KRW. The intraday high was 119,427,000 KRW, and the low was 116,058,000 KRW. The Upbit Composite Index rose 1.61% to 11,952.29, with the Bitcoin group up 2.07% and the Ethereum group up 1.60%, indicating a broad upward movement across major coins.

At the same time, Ethereum (ETH) traded at 3,499,000 KRW, XRP (Ripple) at 2,071 KRW, Dogecoin (DOGE) at 165 KRW, and Solana (SOL) at 125,100 KRW, showing a simultaneous rise across major altcoins. Notably, some altcoins like Pendle (PENDLE) and Axelar (AXL) recorded double-digit growth rates, with trading volumes surging. On a weekly basis, BioProtocol (BIO) and GameBuild (GAME2) soared over 100%, indicating a clear 'selective market' trend.

This trend contrasts with traditional financial markets. While the New York stock market closed down due to escalating tensions in the Middle East and surging oil prices (Dow Jones -1.13%, S&P 500 -0.41%, Nasdaq -0.19%), the cryptocurrency market actually rose. This is interpreted as a result of institutional buying, centered around Bitcoin's recovery to $80,000, and internal market supply and demand driving prices up.

The bullish backdrop was simultaneously influenced by institutional capital inflow and policy expectations. While increased corporate Bitcoin purchases and inflows into Bitcoin spot ETFs supported the market floor, expectations for the passage of the US cryptocurrency market structure bill and the Clarity Act stimulated investor sentiment. Concurrently, speculative funds circulated into some altcoins, expanding the scope of the rally.

A clear change is also detected in terms of trading volume. According to CoinGecko, Upbit's 24-hour trading volume was approximately $1.16641 billion, a 39.9% increase from the previous day, indicating a rapid expansion of capital inflow. This is interpreted as a signal supporting the possibility of a rise based on actual buying power, rather than a mere price rebound.

A key variable for the future market is whether Bitcoin can maintain support at $80,000. If this level is stably held, the upward trend may continue, but volatility could expand again due to external factors such as renewed US-Iran tensions, surging oil prices, or rising interest rates. The market currently has upward momentum but has also entered a 'high-volatility zone' that reacts sensitively to geopolitical risks and policy variables.

*Disclaimer: This article is for investment reference purposes, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*