"Money pours in on the weekend"...Reasons for Upbit's AI Altcoin strength

▲ Upbit /AI-generated image ©

Even amidst a noticeable decrease in weekend trading volume, the domestic coin market continues its bullish trend, centered around Bitcoin, Ethereum, and XRP. In particular, funds are concentrating on some altcoins, leading to continued selective sharp increases.

According to Upbit data as of 8:57 AM on May 10th, Bitcoin (BTC) was trading at 118,982,000 won, a 0.70% increase from the previous day. Ethereum (ETH) rose by 0.88% to 3,428,000 won, and XRP (Ripple) increased by 0.19% to 2,092 won. The Upbit Composite Index rose by 0.59% to 11,986.36, and the Upbit Altcoin Index rose by 0.54% to 3,183.29, reflecting the overall bullish market sentiment.

However, trading volume showed a decline amidst the characteristic wait-and-see attitude of the weekend. According to CoinGecko, Upbit's 24-hour trading volume was approximately $1.03397 billion, a 10.2% decrease from the previous day. While overall market trading energy has somewhat slowed, strong buying interest is still flowing into specific altcoins.

Indeed, among the top weekly gainers on Upbit, Nervos (CKB) surged by 100%, Sahara AI (SAHARA) by 82.76%, and Pharos (PROS) by 82.74%, leading a strong thematic market. Internet Computer (ICP) also rose by 48.78%, and Ondo Finance (ONDO) and Clearpool (CPOOL) also recorded strong gains in the 40% range. Market analysis suggests that funds are circulating into AI, infrastructure, and DeFi-related assets.

Key market variables this week include the US Consumer Price Index (CPI), Producer Price Index (PPI), and retail sales figures. In particular, the US April CPI, to be announced on the 12th, is likely to reflect the impact of soaring oil prices, which is expected to increase volatility in risk asset markets. Market expectations are for a 0.6% increase month-over-month and a 3.4% increase year-over-year. If inflation comes in higher than expected, the possibility of a weakening in expectations for a US Federal Reserve (Fed) interest rate cut is also being discussed.

Additionally, the summit between US President Donald Trump and Chinese President Xi Jinping is drawing attention as a key event in global financial markets. The market is keenly watching the potential for simultaneous impacts from US-Iran tensions, variables in the Strait of Hormuz, and the continuation of the AI rally. Industry analysis suggests that if Bitcoin successfully settles at 120 million won, the altcoin rotation could intensify, but if the CPI shock is significant, the possibility of increased short-term volatility should also be watched.

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