Upbit, CLARITY Act Expectations Soar… “If Trading Volume Follows, the Market Will Expand”

▲ Upbit Coin/AI-generated image ©

As expectations for the passage of the US cryptocurrency market structure bill, the CLARITY Act, boosted the market, strong buying pressure emerged on Upbit, centered around Bitcoin, Ethereum, and XRP. In particular, XRP saw both its price and trading volume surge simultaneously, creating an atmosphere where it is emerging as the biggest beneficiary of this regulatory positive news.

According to Upbit data as of 6:52 AM on May 15, Bitcoin (BTC) traded at 120.19 million KRW, rising 1.98% over the day. The intraday high surged to 121 million KRW, and the Upbit Bitcoin Group Index rose by 1.98% to 21,624.43. Ethereum (ETH) also continued its upward trend, rising to 3.393 million KRW, and the Upbit Ethereum Group Index rose by 1.14%. The Upbit Composite Index and the Upbit Altcoin Index also rose by 1.61% and 1.62% respectively, indicating a revived risk-on sentiment across the overall market.

In particular, XRP (Ripple) surged to 1,505 KRW in Upbit's KRW market, showing the strongest performance among major coins. Market analysis suggests this is due to increased expectations for the easing of XRP-related regulatory uncertainty, as the U.S. Senate Banking Committee passed the U.S. cryptocurrency market structure bill, the CLARITY Act. XRP is once again attracting attention as a prime beneficiary of regulation, fueled by recent expectations for a U.S. XRP spot ETF and the potential for increased institutional demand.

The altcoin sector also showed concurrent strength. Dogecoin (DOGE) rose by 1.79% to 171 KRW, and Solana (SOL) traded around the 137,000 KRW level. Small and medium-sized altcoins such as Ondo Finance (ONDO), Pi Protocol, KITE, and PROS also joined the bullish trend. Among Upbit's top weekly gainers, AhaToken (AHT), Nervos (CKB), Gamebuild (GAME2), and Siacoin (SC) recorded surges of 50-100%, indicating active thematic rotation trading.

However, some assessments suggest that trading volume has not yet fully recovered to the level of a complete bull market. According to CoinGecko, Upbit's 24-hour trading volume was approximately $1.082 billion, a 5.2% decrease compared to the previous day. The market is noting that while price increases continue, short-term volatility could increase if trading volume does not clearly accompany it. In fact, sharp fluctuations are repeatedly observed, especially among some newly listed coins and small to medium-sized altcoins on Upbit.

The market believes that additional schedules related to the CLARITY Act and the trend of U.S. regulation will be key variables for the time being. In particular, if XRP continues its upward trend accompanied by an increase in trading volume, there is a possibility that funds could spread across the entire altcoin market. Conversely, analysis suggests that if only short-term overheating continues without a recovery in trading volume, the possibility of increased profit-taking sales should also be watched.

*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.*