Money Pours in on Truce News... Upbit Coin Market 'On the Brink of Explosion'

▲ Upbit/AI Generated Image ©

As Bitcoin, based on Upbit, surpassed the 110 million won mark and major coins showed a concomitant rise, a strong buying trend is once again flowing into the domestic cryptocurrency market.

According to Upbit data as of 6:06 AM on April 17, Bitcoin (BTC) rose by 0.42% from the previous day to 110,919,000 won. It maintained a short-term upward trend, recording an intraday high of 111,194,000 won and a low of 108,661,000 won. Ethereum (ETH) showed a breather around 3,468,000 won, but the overall bullish market sentiment was maintained. XRP (Ripple) rose by 4.43% to 2,145 won, and Solana (SOL) increased by 5.19% to 131,800 won, showing strong momentum among major altcoins.

The overall market strength also appears to be improving. The Upbit Composite Index rose by 0.64% to 11,423.12, and the Altcoin Index increased by 1.65% to 3,145.95, indicating some altcoin strength compared to Bitcoin. The Upbit10 Index also rose by 0.89%, continuing the upward trend centered on large-cap coins. Notably, some altcoins recorded sharp surges of 40% to 400% among the top weekly gainers, suggesting that short-term speculative demand is also simultaneously flowing in.

Global trends also supported the domestic upward movement. The New York stock market closed strong on the 16th (local time), with the Dow Jones Industrial Average rising 0.24%, the S&P 500 0.26%, and the Nasdaq 0.36%. Both the S&P 500 and Nasdaq hit all-time highs during the trading day. Expectations for peace talks between the U.S. and Iran, coupled with a 10-day ceasefire agreement between Israel and Lebanon, eased geopolitical risks, leading to a flow of funds into risk assets across the board. The decline in the Volatility Index (VIX) also eased market anxiety, positively impacting the crypto market.

Significant changes are also detected in terms of trading volume. According to CoinGecko, Upbit's 24-hour trading volume at the same time was approximately $1.4958 billion, a sharp increase of 47.6% compared to the previous day. This is interpreted not as a mere price increase, but as a phase of liquidity expansion accompanied by actual buying and selling participation. This analysis suggests a typical early-stage bullish pattern where new funds flow in and existing investors re-enter the market simultaneously.

The key going forward is the sustainability of the upward trend. If Bitcoin stably holds the 110 million won level, funds are likely to circulate into altcoins, leading to further gains. Conversely, given that the current rally heavily relies on geopolitical events and the stock market rally, short-term volatility could increase if the ceasefire agreement falters or if the New York stock market corrects. The market is currently in the 'initial phase of risk asset recovery,' but it is still too early to consider it a full-blown overheating stage.

*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.*