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▲ Upbit, Bitcoin, XRP ©
On the first day of October, the Upbit market remained in a 'weak rebound,' unable to shake off the burden of long-term interest rates despite the positive news of slowing US inflation. Bitcoin recovered to the 115 million won mark during the day but gave back most of its gains, and a selective market emerged where only some altcoins recorded double-digit growth rates, with XRP maintaining its position as the top in trading volume.
According to Upbit at 7:57 AM KST on October 1st, the Upbit Composite Index rose by 0.28% from the previous day to 11,639.95. The Upbit Altcoin Index rose by 0.50%, and Upbit10 and Upbit30 increased by 0.30% and 0.34% respectively. Bitcoin (BTC) rose by 0.19% to 113,805,000 won but fell from its high of 115,937,000 won for the day. It surpassed the 115 million won mark during the day but failed to maintain it. The Bitcoin group rose by 0.22%, and the Ethereum group by 0.40%, indicating a limited rebound strength across large-cap coins.
The rebound overnight was driven by lower-than-expected US inflation. The US August Personal Consumption Expenditures (PCE) price index rose by 3.4% year-over-year, and core PCE rose by 3.0%, both falling below market expectations of 3.7% and 3.3% respectively. Immediately after the inflation announcement, concerns about further interest rate hikes in the US eased, and Bitcoin briefly surpassed $85,000 in the dollar market. However, the rally was cut short as the 10-year US Treasury yield surged back to around 5.3%. The New York stock market also closed mixed, with the Dow Jones Industrial Average down -0.86%, the S&P 500 down -0.25%, and the Nasdaq up +0.24%. It appears that slowing inflation boosted risk assets, but rising long-term interest rates applied the brakes again.
On Upbit, XRP (Ripple) rose by 0.15% to 2,027 won, recording a trading volume of approximately 180.6 billion won, maintaining its top position in the KRW market. As investor interest in XRP continued, Bitcoin followed with approximately 117.6 billion won. In contrast, instead of the entire market moving strongly, buying interest was concentrated in some altcoins. SOON rose by 20.39% to 673 won, ARK by 11.73% to 381 won, Worldcoin (WLD) by 11.87% to 735 won, and NEAR Protocol (NEAR) by 9.72% to 7,280 won. On a weekly basis, sharp rises were prominent in some assets, including SOON +157.58%, ARK +74.43%, and PUMP +47.27%.
Trading volume increased slightly. According to Upbit Datalab, as of 7:57 AM, the daily trading volume was 1.77 trillion won, and the 24-hour trading volume was 1.83 trillion won, an increase of 0.36% from 24 hours prior. XRP had the highest share of 24-hour trading volume at 9.88%, followed by SOON at 7.80%, Bitcoin at 6.46%, ARK at 6.02%, and Ethereum (ETH) at 4.39%. It is clear that trading is concentrated in XRP and surging altcoins rather than an explosive increase in the overall market's trading volume.
This week, the market is expected to be a period for confirming the sustainability of the rebound. Lower-than-expected PCE reduces concerns about further tightening by the Federal Reserve (Fed), which is favorable for cryptocurrencies. However, as long as long-term US Treasury yields remain high, the upside potential may be limited. In particular, the fact that Bitcoin briefly surpassed $85,000 immediately after the inflation announcement but quickly gave back its gains signals that strong chase buying is not yet present. In the market, US employment figures, Treasury yields, and spot ETF fund flows are considered key variables that will determine the next direction. In the short term, the key will be whether Bitcoin re-rebounds, whether XRP maintains its top position in trading volume, and whether the buying interest concentrated in some altcoins spreads to the wider market.
*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.*
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