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Leading Coins 'Stumble' Amidst Mixed US Stock Market and Middle East Woes… Upbit Hit by a Volatile Altcoin Market
▲ Upbit Market Conditions: Why Bitcoin, XRP, and Ethereum Stalled Together, Is It a Simple Correction or a Trend Reversal?/AI Generated Image ©
The aftermath of the New York stock market closing mixed due to prolonged geopolitical risks has hit the domestic virtual asset market. On the 28th, at Upbit, the largest domestic virtual asset exchange, major coins like Bitcoin and Ethereum are showing a uniform weakness, while an extremely volatile market is unfolding with demand concentrated on specific altcoins.
As of 6:38 AM on this day, in Upbit's KRW market, the leading coin Bitcoin is trading at 114,756,000 KRW, down 1.63% from the previous day. Ethereum, the second-largest by market capitalization, 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 strange 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% compared to 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 rise of over 5%, climbing to the top in trading volume, while Onyxcoin (XCN) saw a sharp drop of over 16%, displaying extreme price volatility. 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 bear market is the deep uncertainty in the macro economy. Investor sentiment rapidly froze overnight in the New York stock market as peace talks between the US and Iran reached a stalemate. As geopolitical tensions escalated, supply chain shocks materialized, pushing international oil prices up to the $108 per barrel mark. With inflation concerns reignited, expectations for a Federal Reserve (Fed) interest rate cut significantly receded, heavily weighing on the overall virtual asset market.
Experts predict that a tedious correction phase for leading coins will continue until macro-economic uncertainties are resolved. An industry official warned that major coins will test their lower support within a narrow range until the direction of the US stock market and Middle East risks becomes clear, and cautioned against impulsive trading of altcoins that fluctuate based solely 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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