Transactions decreased, but surges appeared...Upbit altcoin 'unusual signal'

▲ Upbit Coin/AI generated image ©

In a market with decreased trading volume, Bitcoin, Ethereum, and XRP are trapped in a sideways range, having lost their direction, while only some altcoins show signs of overheating and short-term sharp rises, creating a polarized market.

According to data from Upbit, Korea's No. 1 cryptocurrency exchange, as of 6:58 AM on April 27, Bitcoin (BTC) continued its limited movement, rising by 0.61% to around 116,401,000 KRW. Ethereum (ETH) also only rose by 1.59% to around 3.51 million KRW, and XRP showed sideways movement near 2,121 KRW. All three major assets continue to show a typical sideways market with reduced price volatility compared to trading volume.

The Upbit Composite Index rose by 0.58% to the 11,800 level, but the Upbit 10 Index fell by 0.86%, suggesting that the power centered on large-cap coins has weakened. In contrast, the Altcoin Index rose by 0.95%, showing relative strength, and the Ethereum Group maintained a limited rebound, rising by 1.64%.

A distinct feature of the market is "selective trading." Looking at the top weekly gainers on Upbit, trading volume was concentrated on some altcoins such as ENSO (180.36%), ZEROBASIC (ZBT) (157.97%), and SOMI (97.53%). In particular, ORCA saw a 53.21% increase in the KRW market, confirming a short-term capital inflow. This indicates a structure where liquidity is concentrated only on specific themes, not the overall market.

Overall trading volume showed a slowdown. Upbit's 24-hour trading volume slightly decreased to approximately 1.5642 trillion KRW, and Upbit's trading volume, according to CoinGecko, also decreased compared to the previous day, indicating weakened market participation. The exchange rate for USD/KRW slightly increased to around 1,479.50 KRW, with global macro variables also acting as a burden.

The future market is expected to be heavily influenced by external variables. The 'Super Week' — which includes issues such as US-Iran renegotiations, the US Federal Open Market Committee (FOMC) meeting, the confirmation of Fed official Kevin Warsh, and major tech earnings announcements — is likely to determine the direction of risk assets as a whole. The market is currently in a wait-and-see mode, and analysis suggests that a Bitcoin-centric sideways trend is likely to continue unless trading volume recovers.

*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.*