Upbit Trading Volume Decreased Even Amid US Stock Market Highs… An Uneasy Rebound Market

▲ Upbit Coin/AI Generated Image ©

Despite the US stock market reaching all-time highs and expectations for a peace treaty, the Upbit market remains in a limited rebound rather than a strong rally. Bitcoin and major altcoins all showed gains, but with decreasing trading volume and a concentration on certain assets, the market appears to be in a wait-and-see mode rather than a 'bull market of conviction'.

According to Upbit as of 9:27 AM KST on May 30th, Bitcoin traded at 109 million KRW, up 0.19% from the previous day. Ethereum rose 0.13% to 2,988,000 KRW, Solana rose 0.25% to 121,800 KRW, and XRP rose 0.30% to 1,976 KRW. Tether increased 0.07% to 1,483 KRW, and Ionet rose 0.78% to 260 KRW, showing a slight rebound across major coins.

Upbit indices also showed a moderate recovery. The Upbit Composite Index rose 0.20% to 11,058.55, the Upbit Altcoin Index rose 0.27% to 2,866.04, and the Upbit10 Index rose 0.21% to 2,669.04. The Bitcoin Group increased 0.19% to 19,584.50, the Ethereum Group increased 0.14% to 8,403.24, and Upbit30 rose 0.22% to 2,416.11. The fact that the three major US stock indices showed all-time high trends ahead of expectations for a peace treaty approval is interpreted as partially reviving investor sentiment across risk assets.

However, the quality of the rebound is still light. According to CoinGecko, Upbit's 24-hour trading volume decreased by 5.3% to $1,132,098,517. The total cryptocurrency market capitalization remained stable at $2.556 trillion, and the 24-hour trading volume was recorded at around $89.2112 billion. Bitcoin's dominance was 57.6%, and Ethereum's dominance was 9.51%, indicating that a clear direction centered on large-cap coins is not yet evident.

Within Upbit, buying interest was concentrated on some altcoins. In terms of trading volume in the KRW market, Stellar Lumens led with 240.239 billion KRW, followed by Space ID with 161.763 billion KRW, XRP with 158.524 billion KRW, and Bitcoin with 131.137 billion KRW. Stellar Lumens rose 1.04% to 389 KRW in the KRW market, and in terms of weekly gains, it surged 91.58% in the Bitcoin market, ranking second after Siacoin's 100.00%. Infinit, Livepeer, and Injective also made it to the list of strong performing assets.

The key for the future market is whether the recovery in risk appetite, driven by the US stock market, will actually lead to an increase in cryptocurrency buying. The simultaneous rise of Upbit indices and major coins is positive, but the decrease in trading volume indicates that investors are not yet aggressively entering the market. If Bitcoin stably holds the 109 million KRW level and the strength of top altcoins by trading volume, such as Stellar Lumens, spreads, a rotational trading market could ensue. Conversely, if trading volume further decreases and large-cap coins turn bearish again, today's rebound could remain a short-term technical bounce.

*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.*