The Sunless Coin Market... Only 2 Coins Rose on Upbit in Three Months

Trading Volume on 4 Major Exchanges Slashed to One-Tenth

[Image source=Yonhap News]

[Asia Economy Reporter Gong Byung-sun] Among the 102 cryptocurrencies listed on the domestic cryptocurrency exchange Upbit, only two cryptocurrencies have risen over the past three months.

According to Upbit on the 19th, the cryptocurrencies that increased over the past three months were Axie Infinity and Ethereum Classic, rising by 97.88% and 15.17%, respectively. Other cryptocurrencies performed poorly. Bitcoin, which recorded an all-time high of 81.99 million KRW on April 14, fell by 46.81% over three months. Cryptocurrencies such as Siacoin and VeChain saw declines in the 70% range.

Even the only cryptocurrencies that rose showed significant declines compared to their all-time highs. This means that virtually all cryptocurrencies have plummeted. As of 8 a.m. that day, the price of Ethereum Classic was 49,420 KRW, down about 75.70% from its all-time high of 203,350 KRW. Axie Infinity also fell 38.21% compared to its all-time high.

The overall atmosphere in the cryptocurrency market has also fallen into a slump. As of that day, the 24-hour trading volume of the four major domestic cryptocurrency exchanges (Upbit, Bithumb, Coinone, and Korbit) was approximately 3.6459 trillion KRW. This is less than one-tenth of the trading volume of about 44.9716 trillion KRW recorded on May 7 at the four major exchanges. Although the phenomenon of trading volume concentrating on altcoins, which have the highest volatility, continued, the trading volume of each cryptocurrency, which used to exceed the trillion KRW level, also decreased significantly. The most traded cryptocurrency that day was Axie Infinity, recording about 436.4 billion KRW. On May 17, Dogecoin was traded for about 17 trillion KRW in a single day.

The cryptocurrency market is expected to find it difficult to escape the slump going forward. This is because the volatility that led the cryptocurrency market's boom has significantly decreased compared to the past. Bitcoin, which fluctuated nearly 10 million KRW daily in April and May, has been trapped between 36 million and 41 million KRW this month. Bitcoin's highest price in July was 41.64 million KRW, and the lowest was 36.75 million KRW. The altcoins, which showed a rise of over 1000%, recorded a maximum increase of only 14.18% on that day.

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