to leave a comment.
▲ [Image Material] Upbit Logo ©
The domestic cryptocurrency market, which showed a strong rebound last week, is cooling down again over the weekend. With Bitcoin turning bearish at the 110 million KRW mark, major Upbit indices uniformly declined, and the 24-hour trading volume also decreased by over 25%. Amid profit-taking and deleveraging following a sharp rise over the past month, this week sees a confluence of factors including the US tightening burden, the Middle East situation, and the US-China summit, drawing attention to the possibility of increased volatility.
As of 9:04 PM on the 20th, Bitcoin (BTC) on Upbit, the largest domestic cryptocurrency exchange, was trading at 110,081,000 KRW, down 0.75% from the previous day. The intraday high was 111,100,000 KRW, and the low was 109,268,000 KRW. Ethereum (ETH) fell by 1.86% to 3,529,000 KRW, and Solana (SOL) dropped by 1.98% to 148,500 KRW. In contrast, some altcoins showed selective strength, with Ethena (ENA) rising by 2.52% to 285 KRW and Avalanche (AVAX) increasing by 2.83% to 14,160 KRW.
The overall market also leaned bearish. The Upbit Composite Index fell by 0.88% to 11,214.99, the Upbit Altcoin Index by 1.80%, Upbit10 by 1.39%, Bitcoin Group by 0.76%, Ethereum Group by 1.92%, and Upbit30 by 1.26%. Notably, altcoins and Ethereum-related assets saw relatively larger declines. However, on a weekly basis, the gains of recently surging assets remained significant, with Drive up 162.94%, Gravity up 95.42%, Zama up 82.24%, Arbitrum up 63.33%, and Near Protocol up 58.32%.
Trading enthusiasm also cooled rapidly. According to Upbit Data Lab at the same time, the 24-hour trading volume decreased by 25.74% from the previous day to 2.14 trillion KRW, and the daily trading volume remained at 1.32 trillion KRW. Gravity accounted for the largest share of the 24-hour trading volume at 10.16%, followed by XRP (Ripple) at 9.52%, Bitcoin at 4.85%, CAP at 4.09%, and Ethereum at 3.83%. With trading volumes naturally decreasing over the weekend and profit-taking occurring after recent surges, upward momentum appears to have weakened.
Similar corrective trends were observed in the global market. According to CoinMarketCap data, the total cryptocurrency market capitalization decreased by 1.39% over 24 hours to 2.75 trillion USD. After the market rose by 16.11% over the past 30 days, profit-taking and deleveraging occurred, and total open interest decreased by 5.6% in a single day. Bitcoin liquidations amounted to 49.22 million USD. The Altcoin Season Index also fell by 4.26% to 45, and the Fear & Greed Index dropped from 73 to 70. The fact that the correlation between the Nasdaq 100 ETF (QQQ) and the cryptocurrency market reached 61% last week is another reason to closely monitor movements in the US financial market this week.
This week, the market is expected to react sensitively to macroeconomic variables, alongside Bitcoin's struggle around the $80,000 mark. Last week, the Federal Reserve (Fed) raised the benchmark interest rate by 0.25 percentage points and left open the possibility of further increases, while concerns about high oil prices and inflation due to the prolonged Middle East conflict remain a burden on risk assets. At the US-China summit scheduled for the 24th, artificial intelligence (AI) and tariff issues are being discussed as key agenda items, and observations surrounding Chinese President Xi Jinping's health have also been raised as a variable, though the Wall Street Journal reported no evidence for the health concerns. In the cryptocurrency market, if Bitcoin holds the $80,000 level and US spot Bitcoin ETF inflows improve, there is room for a rebound after consolidation, but an analysis suggests that if it falls below $78,000, additional deleveraging pressure could increase. For the total market capitalization, $2.73 trillion is presented as a short-term support level, and $2.78 trillion as a major resistance level.
*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.*
Newsletter
Get key news delivered to your email every morning
to leave a comment.