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▲ Bitcoin, XRP Rebound on Trump's Word... Upbit Market Revives / AI-generated image ©
As risk asset sentiment rapidly reversed, the domestic cryptocurrency market shifted to a 'simultaneous surge' phase.
According to Upbit as of 11:04 PM on April 22, Bitcoin rose to 116,691,000 KRW, up 3.22% over 24 hours. At the same time, Ethereum rose by 3.77% to 3,579,000 KRW, XRP by 1.60% to 2,157 KRW, and Solana by 3.29% to 131,700 KRW, indicating a strong performance across major coins. The overall market appears to have transitioned from a 'Bitcoin-centric rally' to a 'broad-based rally'.
Index trends are also strong. The Upbit Composite Index rose by 2.68% to 11,854 points, and the Altcoin Index also rebounded by 2.76%. The Bitcoin group rose by 3.16% and the Ethereum group by 3.56%, making the 'risk-on' trend, where the entire market moves in the same direction, evident.
Notably, short-term supply and demand exploded in the altcoin sector. Among the top weekly gainers, Tottenham Hotspur, Moonbird, and Swell Network recorded double to triple-digit percentage increases, and CHIP also surged over 66%, indicating a rapid inflow of new liquidity. This is interpreted as a signal of a 'strong bull market accompanied by speculative funds,' not just a simple rebound.
Trading volume also surged. According to CoinGecko, Upbit's 24-hour trading volume reached approximately 1.6 trillion KRW, an increase of over 60% compared to the previous day, recording liquidity levels comparable to top global exchanges. This is a typical early bull market pattern where price increases and trading volume surges occur simultaneously.
Behind this rally is the recovery of global risk asset preference following the extension of the US-Iran truce. As the New York stock market opened higher and investor sentiment improved, cryptocurrencies followed suit, attracting capital. It is analyzed that the unique new listing effects and event-driven demand specific to domestic exchanges further boosted the upward momentum.
The key going forward is whether Bitcoin breaks through 120,000,000 KRW. If it settles above this level, the capital rotation into altcoins will accelerate further, likely leading to the 'early phase of an alt season'. On the other hand, if profit-taking from the short-term surge occurs, increased volatility is inevitable. The market has currently entered a phase where its direction is being tested, caught between the early stages of a rally and the initial signs of overheating.
*Disclaimer: This article is for investment reference purposes, 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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