Upbit Market Ahead of FOMC…Altcoins See Selective Gains Amid Weakness in Major Coins

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As Bitcoin retreated from the 110 million won range, the overall market trended downward, but a 'differentiated market' is becoming evident, with only certain altcoins experiencing selective surges.

According to Upbit as of April 28 (Korean time), Bitcoin (BTC) traded at 114,686,000 won, down 0.57% from the previous day. It continued its short-term downward trend after falling from its intraday high of 115,338,000 won, and Ethereum (ETH) also fell by 0.44% to 3,419,000 won. XRP (Ripple) was 2,076 won (-0.57%), and Solana was 125,500 won (-0.71%), indicating overall weakness across major coins.

Upbit indices also fell across the board. The Upbit Composite Index decreased by 0.56% to 11,622.78, the Altcoin Index was recorded at 3,082.70 (-0.54%), and the Upbit 10 Index at 2,871.12 (-0.57%). The Bitcoin Group (-0.60%) and Ethereum Group (-0.49%) also saw declines, indicating widespread selling pressure across the market.

In contrast, some altcoins showed strong differentiation. Zerobase (+85.51%), Tokenboomsper (+77.00%), Aztec (+75.86%), and Orca (+66.32%) were among the top weekly gainers on Upbit. This is interpreted as reflecting the effects of new listings and an influx of exchange liquidity. In particular, some meme and theme coins, such as Pudgy Penguins-related assets, absorbed short-term capital inflows and continued their upward trend.

Changes are also being detected in global trading flows. According to CoinGecko, Upbit's 24-hour trading volume was approximately 1.59884 billion dollars, an increase of 7.1% from the previous day. This suggests an expansion of short-term trading demand, primarily among domestic investors.

Macroeconomic uncertainty lies behind the market's weakness. While expectations for a ceasefire agreement between the U.S. and Iran continue, caution ahead of the Federal Open Market Committee (FOMC) meeting weighed on investor sentiment. With risk asset preference not fully recovered, short-term profit-taking sales emerged, pressuring the prices of major coins.

The key going forward is whether Bitcoin can maintain support at the 114 million won level. If this level breaks, short-term downward pressure could intensify, but conversely, if it successfully defends, a limited rebound is also possible, according to analysis. The market is expected to remain volatile for the time being, reacting sensitively to FOMC outcomes and geopolitical variables.

*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.*