[Bitcoin Now] Battle Around 30 Million KRW in Domestic Market... Will a New Record Be Set Again?

[Asia Economy Reporter Minji Lee] As the representative cryptocurrency Bitcoin surpassed the historic high of 30 million won, attention is focused on whether it can continue its record-breaking run. Currently, Bitcoin is fluctuating around 30 million won on domestic cryptocurrency exchanges.

According to Upbit, a domestic cryptocurrency exchange, at 7:31 AM on the 28th, Bitcoin was priced at 29,424,000 won, up 0.16% (46,000 won) compared to 24 hours earlier. This means it was traded at a price close to 30 million won per coin, with a daily trading volume reaching 606.9 billion won.

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On another cryptocurrency exchange, Bithumb, Bitcoin was trading at 29,350,000 won at the same time, down 3% (91,000 won). Bitcoin, which surged to as high as 31,647,000 won during the previous day’s session, showed a slight downward trend on this day, fluctuating above and below the 30 million won mark. The intraday high was 30,431,000 won.

Bitcoin is also maintaining an upward trend in overseas markets. According to CoinMarketCap, a cryptocurrency market data company, Bitcoin is currently trading at $26,334.16, having risen 9.49% over the past week.

Bitcoin is considered the best-performing asset this year. Its closing price on January 1 was 8,327,000 won, and it has risen approximately 255% since then. The previous highest price recorded for Bitcoin was 28,885,000 won in 2018. Since the outbreak of the novel coronavirus (COVID-19) this year, a stock investment boom has occurred, with the KOSPI rising nearly 30% as of the close on the 24th, but this is significantly lower compared to Bitcoin’s rate of increase.

Accordingly, concerns about a price bubble have also emerged. Professor Nouriel Roubini of New York University, who frequently issues pessimistic forecasts and was the first to mention the 2008 global financial crisis, recently criticized the rise in Bitcoin’s price as manipulation. He stated, “(The recent rise in Bitcoin) is a speculative increase, and the price of Bitcoin is entirely manipulated by a small group of people,” adding, “(If investigations into other cryptocurrencies proceed) the Bitcoin price bubble will burst.”

Meanwhile, other major cryptocurrency assets are on a downward trend. On the domestic cryptocurrency exchange Bithumb, Ethereum is currently down 0.39%, Bitcoin Cash (-3.49%), Chainlink (-0.07%), Litecoin (-6.47%), Ripple (-1.84%), and ADA (-2.79%) have also declined.

This content was produced with the assistance of AI translation services.