Upbit 'Trading Cliff'... Market Bearish Despite Concentrated Ripple (XRP) Trading

▲ Upbit market held its breath. Major altcoins like Bitcoin, XRP in a wait-and-see market / AI generated image ©

At Upbit, the largest virtual asset exchange in Korea, trading volume has decreased by over 20% in just one day, and investor sentiment is rapidly cooling. With Bitcoin and major altcoins uniformly showing weakness and trading volume also declining, the market appears to have entered a wait-and-see phase without clear direction.

According to Upbit Datalab as of 10:28 AM on July 4th, Upbit's total 24-hour trading volume was 1.13 trillion KRW, a decrease of 24.04% compared to the previous day. The trading volume for the day also only reached 178.719 billion KRW. This decrease in trading volume signifies a contraction in both investor buying and selling activities and is interpreted as a situation where a wait-and-see sentiment prevails over short-term volatility.

A bearish trend was also observed in Upbit's prices. Bitcoin fell by 0.18% compared to the previous day to 94,216,000 KRW, Ethereum by 0.38% to 2,640,000 KRW, Solana by 0.40% to 123,700 KRW, Ada by 4.83% to 532 KRW, ZKPass (ZKP) by 8.21%, and Solstice (SLX) by 7.99%. On the other hand, XRP (Ripple) rose by 0.29% to 1,715 KRW, Stellar Lumens by 0.32% to 309 KRW, and Lee by 1.39% to 951 KRW, showing limited strength only in a few select assets.

Top trading volume assets were also concentrated in specific altcoins. XRP had the highest 24-hour trading volume share at 9.18%, followed by ZKPass at 7.54%, Bitcoin at 7.19%, Ethereum at 5.78%, and Tether at 5.14%. On Upbit's trading interface, XRP also recorded the highest trading volume at approximately 104.2 billion KRW, followed by ZKPass (approx. 85.6 billion KRW), Bitcoin (approx. 81.6 billion KRW), and Ethereum (approx. 65.6 billion KRW). However, as the overall market trading volume itself decreased, the concentration of funds into specific assets also appeared weaker than before.

Upbit's major indices also fell across the board. The Upbit Composite Index fell by 0.17% to 9,828.76, the Altcoin Index by 0.28% to 2,540.59, Upbit10 by 0.22% to 2,341.93, the Bitcoin Group by 0.19%, the Ethereum Group by 0.42%, and Upbit30 by 0.21%. As the overall market underwent a simultaneous correction, it is difficult to find clear buying momentum except for a few individual assets.

In the short term, the recovery of trading volume is considered the most important variable. If the decrease in trading volume continues, there is a high possibility that Bitcoin and major altcoins will remain in a sideways trading range. Conversely, if trading volume increases again and Bitcoin rebounds, there is also a possibility that funds will spread to altcoins. Currently, whether trading volume recovers first, rather than price, is expected to be a key indicator for judging domestic market investor sentiment.

*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.*