Upbit Bitcoin Touches 120 Million Won…Is This the Real Start of the Rally?

▲ Upbit: Bitcoin, Ethereum, XRP, Solana on the rise…trading volume also increasing / AI generated image ©

Bitcoin surpassed 120 million won during trading hours, maintaining its independent bullish trend despite a sharp decline in global stock markets.

According to Upbit data as of May 5th, 12:53 PM KST, Bitcoin (BTC) was trading at 119,936,000 won, touching the 120 million won high during the day. At the same time, Ethereum (ETH) recorded 3,531,000 won, XRP (XRP) 2,084 won, Dogecoin (DOGE) 165 won, and Solana (SOL) 125,700 won, showing an overall upward trend for major coins.

The Upbit Composite Index rose by 0.93% to 12,031.36, with the Bitcoin group increasing by 1.10% and the Ethereum group by 1.29%, indicating that market-centric assets led the rise. In terms of trading volume, buying interest flowed primarily into the 'top three' — Bitcoin, Ethereum, and XRP — suggesting a strengthening of market vitality.

Notably, some altcoins experienced a rapid concentration of supply and demand. Surging assets included Swell Network (SWELL) with a 100% weekly increase, BioProtocol (BIO) with 90.71%, and NKN (NKN) with 81.82%, indicating a typical selective market. This is interpreted as a sign of strengthened short-term capital inflow driven by individual news rather than a general market rise.

This bullish trend contrasts with the traditional financial markets. While the New York stock market declined due to renewed US-Iran tensions, the cryptocurrency market maintained its upward momentum. The market attributes this to institutional buying, primarily centered around Bitcoin, along with expectations for the passage of US cryptocurrency market structure legislation and the Clarity Act, which acted as key factors supporting investor sentiment.

According to CoinGecko, Upbit's trading volume surged, confirming a rapid influx of liquidity. This is significant because it indicates a rise based on actual capital inflow, not just a simple price rebound.

In the short term, Bitcoin's ability to break above and sustain 120 million won will be a critical turning point. If this level is converted into a support line, further upside potential will open; however, failure could lead to a short-term correction. The market appears to have entered a phase where strong upward momentum coexists with concerns about overheating.

*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.*