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Leading Coins 'Stumble' Amid US Market Mix and Middle East Woes... Altcoin Volatility Grips Upbit
▲ Upbit Market Trends: Why Bitcoin, XRP, Ethereum all hesitated, is it a simple correction or a directional change?/AI generated image ©
The aftermath of the mixed close on the New York stock market due to prolonged geopolitical risks has struck the domestic virtual asset market. On the 28th, on Upbit, Korea's largest virtual asset exchange, major coins such as Bitcoin and Ethereum are showing a uniform weakness, while an extreme volatile market is unfolding with demand concentrated on specific altcoins.
As of 6:38 AM on the same day, Bitcoin, the leading coin in Upbit's KRW market, was trading at 114,756,000 KRW, down 1.63% from the previous day. Ethereum, the second-largest by market cap, fell 2.73% to 3,419,000 KRW, XRP (Ripple) dropped 2.12% to 2,078 KRW, and Solana declined 2.40% to 126,000 KRW, with all major coins showing a downward trend.
Despite the sluggish performance of major coins, a peculiar phenomenon occurred where Upbit's overall trading volume actually increased. According to data from CoinGecko, a global virtual asset market data aggregator, Upbit's 24-hour trading volume increased by 9.6% from the previous day, even amidst Bitcoin's weakness.
This is interpreted as a result of speculative funds, having lost direction, flocking to newly listed coins and some lightweight altcoins. In Upbit's KRW market, Pearl (PRL) showed a 5% increase, ranking among the top in trading volume, while Onyxcoin (XCN) experienced extreme price fluctuations, including a sharp drop of over 16%. In terms of weekly gains, Orca (ORCA) surged by over 60%, indicating that altcoin rotation is filling the empty order books of major coins.
The fundamental cause of this bearish market is the deep uncertainty in the macro economy. Overnight, investor sentiment froze rapidly as peace talks between the US and Iran reached a stalemate in the New York stock market. As geopolitical risks escalated, supply chain shocks materialized, pushing international oil prices above $108 per barrel. The resurgence of inflation concerns significantly rolled back expectations for interest rate cuts by the US Federal Reserve (Fed), heavily weighing down the entire virtual asset market.
Experts predict that the tedious correction phase for leading coins will continue until macroeconomic uncertainties are resolved. An industry official warned that major coins would test lower support within a narrow box range until the direction of the US stock market and Middle East risks becomes clear, and advised extreme caution against FOMO trading of altcoins that fluctuate solely based on supply and demand without clear fundamentals.
*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*
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