Upbit Surge Signal Appears... Altcoins Catch Fire as Bitcoin Holds Strong

▲ Upbit, Bitcoin, XRP ©

As Upbit's trading volume surged, Bitcoin maintained its upward trend despite a sharp drop in the New York stock market, leading the cryptocurrency market to enter an 'independent rally' phase.

According to Upbit data as of 6:27 AM KST on May 5, Bitcoin (BTC) continued its bullish trend, rising 2.08% from the previous day to 119,014,000 KRW. The intraday high was 119,427,000 KRW, and the low was 116,058,000 KRW. The Upbit Composite Index rose by 1.61% to 11,952.29, with the Bitcoin group increasing by 2.07% and the Ethereum group by 1.60%, indicating a broad upward movement across major coins.

At the same time, Ethereum (ETH) traded at 3,499,000 KRW, XRP (Ripple) at 2,071 KRW, Dogecoin (DOGE) at 165 KRW, and Solana (SOL) at 125,100 KRW, showing a widespread increase among major altcoins. Notably, some altcoins like Pendle (PENDLE) and Axelar (AXL) saw their trading volumes surge, recording double-digit gains. On a weekly basis, BioProtocol (BIO) and GameBuild (GAME2) soared over 100%, indicating a distinct 'selective market' trend.

This trend contrasts with traditional financial markets. While the New York stock market closed lower due to escalating Middle East tensions and surging oil prices (Dow Jones -1.13%, S&P 500 -0.41%, Nasdaq -0.19%), the cryptocurrency market, on the contrary, rose. This is interpreted as a result of institutional buying, centered around Bitcoin's recovery to $80,000, and internal market supply and demand driving up prices.

The bullish backdrop was influenced by both institutional fund inflows and policy expectations. While increased corporate Bitcoin purchases and inflows into Bitcoin spot ETFs supported the market's bottom, expectations for the passage of the U.S. cryptocurrency market structure bill and the Clarity Act stimulated investor sentiment. Simultaneously, speculative funds rotated into certain altcoins, expanding their gains.

Clear changes are also observed in terms of trading volume. According to CoinGecko, Upbit's 24-hour trading volume was approximately $1.16641 billion, a 39.9% increase from the previous day, indicating a rapid expansion of fund inflows. This is interpreted as a signal supporting the possibility of a genuine buying-driven rally rather than a mere price rebound.

The key variable for the market moving forward is whether Bitcoin can maintain support at $80,000. If this level is held stably, the upward trend could continue, but volatility could also expand again due to external factors such as re-escalating U.S.-Iran tensions, surging oil prices, or rising interest rates. Currently, the market has gained upward momentum but has also entered a 'high-volatility zone' that is highly sensitive to geopolitical risks and policy changes.

*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.*