Upbit, CLARITY Act Expectations Soar… “If Trading Volume Follows, the Market Expands”

▲ Upbit Coin/AI Generated Image ©

As expectations for the passage of the US cryptocurrency market structure bill, the CLARITY Act, pushed the market up, strong buying pressure surged on Upbit, centered on Bitcoin, Ethereum, and XRP. In particular, XRP's price and trading volume simultaneously skyrocketed, creating an atmosphere where it is emerging as the biggest beneficiary of this regulatory tailwind.

According to Upbit data as of 6:52 AM on May 15, Bitcoin (BTC) traded at 120.19 million KRW, rising 1.98% over the day. Its intraday high soared to 121 million KRW, and the Upbit Bitcoin Group Index rose by 1.98% to 21,624.43. Ethereum (ETH) also continued its upward trend, climbing to 3.393 million KRW, with the Upbit Ethereum Group Index rising by 1.14%. The Upbit Composite Index and the Upbit Altcoin Index also rose by 1.61% and 1.62% respectively, indicating a revived risk-on sentiment across the overall market.

In particular, XRP (Ripple) surged to 1,505 KRW in the Upbit KRW market, showing the strongest performance among major coins. Market analysis suggests this is due to growing expectations for the easing of regulatory uncertainty related to XRP, as the US Senate Banking Committee passed the US cryptocurrency market structure bill, the CLARITY Act. XRP is once again drawing attention as a prime beneficiary of regulation, coupled with recent anticipation for a US XRP spot ETF and the potential for increased institutional demand.

The altcoin sector also showed a strong concomitant performance. Dogecoin (DOGE) rose 1.79% to 171 KRW, and Solana (SOL) traded around the 137,000 KRW mark. Small and medium-sized altcoins such as Ondo Finance (ONDO), Pi Protocol, KITE, and PROS also joined the bullish trend. Among the top weekly gainers on Upbit, AhaToken (AHT), Nervos (CKB), Gamebuild (GAME2), and Siacoin (SC) recorded surges of 50-100%, indicating active thematic rotation.

However, there are also assessments that trading volume has not yet fully recovered to bull market levels. According to CoinGecko, Upbit's 24-hour trading volume was approximately $1.082 billion, a 5.2% decrease compared to the previous day. The market is noting that while price increases continue, short-term volatility could increase if trading volume does not clearly follow. Indeed, rapid price swings are repeatedly observed, particularly among some newly listed coins and small to medium-sized altcoins on Upbit.

The market anticipates that additional schedules related to the CLARITY Act and the overall US regulatory trend will be key variables for the time being. In particular, if XRP continues its upward trend accompanied by increased trading volume, there is a possibility of capital spreading throughout the altcoin market. Conversely, analysis suggests caution is needed regarding the potential for increased profit-taking if only short-term overheating persists without a recovery in trading volume.

*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.*