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

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While Bitcoin fell from the 110 million KRW range, leading to a general market downturn, a 'differentiated market' is becoming evident where only some altcoins are selectively surging.

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

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

Conversely, some altcoins showed strong differentiation. Top performers in Upbit's weekly gains included Zerobase (+85.51%), Tokenboomsper (+77.00%), Aztec (+75.86%), and Orca (+66.32%). This is interpreted as reflecting the effects of new listings and increased exchange liquidity. In particular, some meme and theme coins, such as Pudgy Penguins-related assets, continued their upward trend by absorbing short-term capital inflows.

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

Behind the market weakness lies macroeconomic uncertainty. Amid ongoing expectations for a peace agreement between the US and Iran, caution ahead of the Federal Open Market Committee (FOMC) meeting has dampened investor sentiment. With risk asset preference not fully recovered, short-term profit-taking is emerging, putting pressure on major coin prices.

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