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Upbit 'takes a breather' again just one day after rebound… Bitcoin and Ethereum both weak, trading volume shrinks to 2 trillion won
▲ [Photo material] Upbit logo ©
The domestic virtual asset market is failing to sustain clear upward momentum despite a drop in international oil prices due to the potential for improved relations between the United States and Iran. Bitcoin (BTC) and Ethereum (ETH) both fell in the Upbit KRW market, and the overall trading volume also decreased to 2 trillion won. In contrast, XRP (Ripple) rose, maintaining its position as the top in trading volume, and a selective market emerged with buying pressure concentrating on some altcoins.
According to Upbit, Korea's No. 1 virtual asset exchange, at 7:51 AM on the 23rd, Bitcoin fell by 1.21% from the previous day to 115.71 million won, and Ethereum fell by 1.49% to 3.7 million won. The Upbit Comprehensive Index dropped by 0.90% to 11,753.04, the Upbit Altcoin Index by 0.24% to 3,279.23, and the Upbit10 Index, which reflects top market cap assets, by 0.97% to 3,014.83. Both the Bitcoin Group and Ethereum Group also fell by 1.11% and 1.47% respectively, indicating weakness centered on major cryptocurrencies.
Conversely, XRP rose by 1.83% to 2,116 won, maintaining its top position in the KRW market with a trading volume of 460.1 billion won. In Upbit Datalab's 24-hour trading volume share, XRP was also the highest at 18.41%, followed by Bitcoin at 6.32%, Ethereum at 4.92%, Tether (USDT) at 4.40%, and KernalDAO at 3.65%. While major cryptocurrencies generally declined, some altcoins saw strong buying inflows, with KernalDAO rising by 31.26%, Bitcoin Cash (BCH) by 25.60%, and KAVA by 11.03%. However, the gains appear to be concentrated in individual assets rather than spreading across the entire market.
Trading enthusiasm, on the contrary, weakened. According to Upbit Datalab, as of 7:52 AM, the daily trading volume was 2.38 trillion won, and the recent 24-hour trading volume was 2.49 trillion won. The 24-hour trading volume decreased by 14.11% compared to the previous day. The fact that trading volume decreased even as major coins showed weakness can be interpreted as an indicator that investors are leaning towards a wait-and-see approach rather than aggressive follow-up buying after the recent rebound.
Overnight, the New York stock market showed mixed trends while closely watching US-Iran relations, but falling international oil prices supported risk asset sentiment. Expectations of easing supply concerns grew as Iran stated it could reopen the Strait of Hormuz within 7 days, conditioned on the US easing military pressure and lifting port blockades. West Texas Intermediate (WTI) fell for five consecutive trading days, and the Nasdaq index hit an all-time high during the session. However, the S&P500 was flat, and the Dow Jones index fell, indicating that investors were still looking for further developments in the Middle East situation.
The key variables for the virtual asset market this week are US-Iran relations and the resulting international oil price trends. If expectations for the reopening of the Strait of Hormuz materialize and oil prices continue to fall, there is room for this to positively affect risk assets by alleviating inflationary pressures. Conversely, if negotiations falter again and oil prices rebound, the recently recovered risk-on sentiment could come under pressure once more. In the current Upbit market, with both Bitcoin and Ethereum showing weakness and trading volume decreasing, the short-term focal point is whether selective strength continues for XRP and other assets with concentrated trading, as well as some altcoins, rather than a trend-driven rise across the entire market.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses incurred based on it. The content should be interpreted for informational purposes only.*
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