Despite a 33% surge in Upbit trading volume... Bitcoin recovers to 92 million won with 'unstable rebound'

▲ Upbit Datalab trading volume data at 7:24 AM on July 3

Major cryptocurrencies, including Bitcoin, rebounded simultaneously, somewhat restoring investor sentiment, but despite the surge in trading volume, the market still seems uncertain about its direction. Bitcoin again surpassed 92 million won, and major altcoins like Ethereum and Solana also rose. However, the fact that Upbit's trading volume increased by over 33% in a single day suggests an influx of short-term trading demand, indicating a growing possibility of increased volatility.

According to Upbit, as of 7:24 AM on the 3rd, Bitcoin traded at 92,928,000 won, up 1.99% from the previous day. It recovered to the 93 million won range, climbing as high as 93,835,000 won during the day. Ethereum rose 4.83% to 2,562,000 won, and Solana increased 3.23% to 121,600 won. The Upbit Composite Index rose 1.94% to 9,674.84, while the Upbit Altcoin Index increased by 3.43%, the Bitcoin Group Index by 1.99%, and the Ethereum Group Index by 4.80% respectively, showing a relatively strong performance for altcoins.

Along with the market rebound, trading quickly revived. According to Upbit Datalab, the 24-hour trading volume increased by 33.42% from the previous day to 1.57 trillion won, and the day's trading volume also reached 1.47 trillion won. XRP (Ripple) accounted for the largest share of trading volume at 8.16%, followed by Bitcoin at 7.97%, Solstice at 6.76%, and Taiko at 5.96%. While the increase in trading volume indicates active short-term trading by investors, it is interpreted as a concentration of trading within the rebound phase rather than a clear confirmation of a trend reversal.

Among individual assets, small and medium-sized altcoins showed notable strength. Fluent (BLEND/BTC) recorded the highest weekly increase at 127.69%, followed by Taiko (TAIKO/KRW) at 120.92%, and AHT Token (AHT/BTC) and IQ (IQ/BTC) both rose by 100%. In contrast, large assets like Bitcoin and Ethereum showed relatively modest gains, driving the overall market's risk asset preference.

This rebound is interpreted as a result of improved risk asset investment sentiment and an influx of bargain-hunting in recent times. Specifically, Bitcoin's recovery above 90 million won led to a broader buying trend across major cryptocurrencies, and Ethereum's relative strength boosted overall altcoin investor sentiment. However, given the sharp increase in trading volume, short-term profit-taking sales could expand at any time, suggesting that market volatility is likely to remain high for the time being.

Going forward, a key variable for the market will be whether Bitcoin can successfully stabilize at 93 million won. If Bitcoin continues its upward trend, the altcoin rally could further extend, but if the increase in trading volume is merely due to short-term speculative funds, the rebound could weaken again. Analysts suggest that investors need to monitor the increase in trading volume and whether key price support levels are maintained for the time being.

*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.*