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▲ Upbit Datalab trading volume data at 7:24 AM on July 3
Major cryptocurrencies, including Bitcoin, rebounded simultaneously, somewhat restoring investor sentiment, but despite the surge in trading volume, the market still appears uncertain about its direction. Bitcoin once again surpassed 92 million won, and major altcoins such as Ethereum and Solana also rose. However, the fact that Upbit's trading value increased by over 33% in a single day suggests a surge in short-term trading demand, indicating a growing possibility of increased volatility.
As of 7:24 AM on the 3rd, according to Upbit, Bitcoin was trading at 92,928,000 won, up 1.99% from the previous day. It recovered the 93 million won range, rising to 93,835,000 won during the day. Ethereum rose 4.83% to 2,562,000 won, and Solana increased 3.23% to 121,600 won. The Upbit Composite Index rose 1.94% to 9,674.84, the Upbit Altcoin Index increased by 3.43%, the Bitcoin Group Index by 1.99%, and the Ethereum Group Index by 4.80%, indicating a relatively strong performance for altcoins.
Along with the market rebound, trading also quickly revived. According to Upbit Datalab, the 24-hour trading value increased by 33.42% from the previous day to 1.57 trillion won, and the day's trading value also reached 1.47 trillion won. XRP (Ripple) accounted for the highest share of trading value at 8.16%, followed by Bitcoin at 7.97%, Solstice at 6.76%, and Taiko at 5.96%. While increased trading volume has led to active short-term trading among investors, it is interpreted as trading being concentrated in the rebound phase rather than a clear conviction of a trend reversal.
Among individual assets, small and medium-sized altcoins showed notable strength. Fluent (BLEND/BTC) recorded the highest weekly gain at 127.69%, followed by Taiko (TAIKO/KRW) at 120.92%, and AHT Token (AHT/BTC) and IQ (IQ/BTC) each rising by 100%. In contrast, large-cap assets like Bitcoin and Ethereum showed relatively modest gains, influencing the overall market's risk asset preference.
This rebound is attributed to a combination of improved risk asset investment sentiment and an influx of bargain hunting. In particular, Bitcoin's recovery of 90 million won led to a spread of buying interest across major cryptocurrencies, and Ethereum's relative strength boosted overall altcoin investment sentiment. However, given the sharp increase in trading value, short-term profit-taking sales could expand at any time, suggesting that market volatility is likely to remain high for the time being.
Going forward, a key variable for the market will be whether Bitcoin can successfully stabilize at 93 million won. If Bitcoin continues its upward trend, the strength of altcoins could further spread. However, if the increase in trading volume is limited to short-term speculative funds, the rebound could weaken again, a possibility that cannot be ruled out. For the time being, analysts suggest that investors need to monitor the increase in trading value along with the maintenance of key price support levels.
*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 solely for informational purposes.*
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