Upbit Bull Market Ignites, But Trading Volume Dips…The Real Game Starts Now

▲ Bitcoin, Ethereum, XRP, Solana on the rise based on Upbit…Trading volume is key/AI generated image ©

As Bitcoin recovered the 120 million won mark, the overall Upbit market heated up again. The record-high rally in the New York stock market and the sharp drop in oil prices revived demand for risk assets, with the 'big three' – Bitcoin, Ethereum, and XRP – leading the bull market in early trading.

According to Upbit data as of 6:12 AM KST on May 6, Bitcoin (BTC) traded at 120.7 million won, rising 1.75% from the previous day. Ethereum (ETH) increased by 1.00% to 3.52 million won, and XRP (Ripple) rose by 1.40% to 2,096 won. The Upbit Composite Index climbed 1.46% to 12,094.31, the Upbit Altcoin Index rose 1.56% to 3,174.48, and the Upbit 10 Index increased 1.59% to 2,982.59, confirming a large-cap coin-centric bull run.

The bull market selectively spread to altcoins. In the Upbit KRW market, HIVE surged 25.57% to 111 won, ZIL rose 13.36% to 6.96 won, PENGU increased 13.42% to 16.9 won, and EDGE climbed 9.80% to 168 won. PERL rose 9.67% to 431 won, and STEEM increased 7.31% to 89.6 won, indicating a rapid short-term rotation of capital.

A strong altcoin market was also observed among the top weekly gainers based on Bitcoin. Bioprotocol (BIO/BTC) surged 74.42%, NKN (NKN/BTC) rose 63.64%, Tokamak Network (TOKAMAK/BTC) increased 51.39%, and Reserve Rights (RSR/BTC) gained 50.00%. However, the gains were concentrated in a few specific assets, suggesting a selective market driven by Bitcoin's strength rather than an indiscriminate rise across the entire market.

The direct catalyst for this surge was a risk asset rally originating from the U.S. stock market. On May 5 (local time), the Dow Jones Industrial Average closed up 0.73%, the S&P 500 rose 0.81%, and the Nasdaq increased 1.03% in the New York stock market, with both the S&P 500 and Nasdaq setting new all-time highs. Amid the sustained U.S.-Iran truce, Brent crude and WTI plunged 3.99% and 3.90% respectively, easing inflation concerns, and U.S. Treasury yields also fell. Furthermore, approximately 85% of S&P 500 companies reported first-quarter earnings that beat market expectations, and semiconductor and AI stocks surged, transferring buying sentiment to the crypto market.

In terms of trading volume, there was a difference. According to CoinGecko, Upbit's 24-hour trading volume decreased by 5.1% to 1.12545 billion dollars. Internally at Upbit, large-cap coin trading dominated the market, with Bitcoin's 24-hour trading volume at approximately 236.4 billion won, Ethereum at about 125 billion won, and XRP at about 98.2 billion won. However, the overall exchange trading volume slightly decreased, suggesting that the market was in a phase of confirming the bullish trend rather than aggressive chase buying.

The key going forward is whether Bitcoin can stably maintain the 120 million won level. If this range is held, buying momentum could further spread to large-cap coins like Ethereum, XRP, and Solana, and the selective altcoin market is likely to continue. Conversely, if the global stock market rally falters or oil prices rebound, rapid profit-taking on recent gains could occur. Currently, the Upbit market clearly shows signs of entering a bull market, but with decreased trading volume, the next confirmation signal will be demand and supply rather than price.

*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.*