Trading Volume Down, Altcoins Soar…Upbit Market's Suspicious Rotation Trading

▲ Upbit, Bitcoin, XRP ©

While Bitcoin, Ethereum, and XRP rose together on Upbit, the overall market still appears to be in a 'selective bull market' trend. Despite the New York stock market's all-time high rally, the cryptocurrency market continued its limited upward trend amid observation, rather than explosive follow-up buying.

According to Upbit data as of 6:15 AM on May 9, Bitcoin (BTC) was trading at 118,177,000 KRW, up 0.24% from the previous day. Ethereum (ETH) rose 0.65% to 3,399,000 KRW, and XRP (Ripple) rose 1.86% to 2,083 KRW. The Upbit Composite Index rose 0.58% to 11,914.08, and the Upbit Altcoin Index rose 1.80% to 3,162.34, showing a relatively pronounced altcoin strength.

Behind the market's rise was the US New York stock market's record high. On the 8th (local time), the S&P 500 index closed at 7,398.93 and the Nasdaq Composite Index at 26,247.08, continuing their upward trend for six consecutive weeks. The market focused on the US April non-farm employment increase figure of 115,000, which more than doubled expectations. The resilience of the US economy and expectations of a soft landing, rather than concerns about a recession, stimulated risk asset preference.

In particular, news that Intel secured a contract to produce semiconductors for Apple's next-generation devices led to a nearly 14% surge, spreading buying interest across semiconductor stocks. As the strength in tech stocks like Nvidia and AMD continued, the cryptocurrency market also partially reflected improved investor sentiment. However, factors of instability such as ongoing US-Iran tensions, a rebound in international oil prices, and a sharp drop in the US consumer sentiment index are still limiting the market's upside.

In the Upbit market, funds continued to concentrate on some altcoins rather than large-cap stocks. Among the top weekly gainers, Nervos (CKB/BTC) surged 100%, FLOCK (FLOCK/BTC) 86.30%, and Clearpool (CPOOL/BTC) 84.38%, showing strong volatility. Ondo Finance (ONDO/BTC) and Sahara AI (SAHARA/BTC) also soared 68.33% and 75.86% respectively, continuing the strength in AI and Real-World Asset Tokenization (RWA) related themes.

However, trading enthusiasm seems to have cooled somewhat. Upbit's 24-hour trading volume, according to CoinGecko, was approximately 1.12174 billion USD, a decrease of 11.1% compared to the previous day. The market is observing whether Bitcoin will stabilize around the 118 million KRW level, while also noting the possibility that an altcoin-centric rotation trading market may continue for some time.

*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.*