Strait of Hormuz to open? Upbit market turns bullish in just one day

▲ Bitcoin, XRP rebound on Trump's remarks...Upbit market revived/AI generated image ©

As expectations for an end to the Middle East conflict revived, buying interest is flowing back into the Upbit market. With Bitcoin and major altcoins rebounding simultaneously, the Upbit market is showing a rapid turnaround in sentiment in just one day, with funds concentrating on specific altcoins in a selective market.

According to Upbit data as of 6:50 AM on May 24, Bitcoin traded at 114,537,000 KRW, up 1.05% from the previous day. XRP (Ripple) rose 1.35% to 2,029 KRW, and Ethereum (ETH) increased 1.84% to 3,157,000 KRW. Solana (SOL) was up 1.82% to 128,900 KRW, and Sui (SUI) also joined the bullish trend, rising 2.29%. The Upbit Composite Index rose 1.05% to 11,551.44, and the Upbit Altcoin Index surged 1.82%, showing stronger momentum than Bitcoin.

Behind the market's bullishness are expectations for peace negotiations between the United States and Iran. U.S. President Donald Trump stated, "The final matters and details of the agreement are currently under discussion and will be announced soon," virtually indicating the possibility of an imminent agreement. In particular, with President Trump even mentioning the possibility of reopening the Strait of Hormuz, the market is quickly reflecting expectations of reduced geopolitical risk in the Middle East.

As risk asset preference revived, the altcoin rotation within Upbit also strengthened. Among the top weekly gainers, Open Campus (OPEN/BTC) surged 86.13% to take first place, followed by Near Protocol (NEAR/BTC) at 68.60%, Mask Network (MASK/BTC) at 59.48%, AltLayer (ALT/BTC) at 55.56%, and Infini (IN/KRW) at 54.82%. Notably, GMT/KRW surged 29.14% in one day, demonstrating a short-term capital influx.

According to CoinGecko, Upbit's 24-hour trading volume was recorded at $1.10388 billion, an increase of 19.7% from the previous day. However, market analysis suggests that despite the increased trading volume, the overall market is not experiencing a uniform surge, but rather a selective market where buying interest is concentrated on specific themed altcoins.

The market is expected to focus on the actual announcement of a peace agreement and Bitcoin's attempt to break through 115 million KRW. The industry believes that if the reopening of the Strait of Hormuz and the alleviation of geopolitical risks materialize, the preference for risk assets could strengthen further. Conversely, analysis suggests that if negotiations are delayed or Middle East variables worsen again, the current rebound trend could falter.

*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.*