The cryptocurrency market, which experienced a sharp decline last week due to poor U.S. employment news and tariff policies, is showing a rebound. Bitcoin (BTC), which had fallen to around $112,000, has now broken through the $114,300 level. Analysts suggest that bottom-fishing buying is emerging.
According to CoinMarketCap, a global cryptocurrency market tracking site, as of 8 am on the same day, BTC was traded at $114,308.50, up 1.31% from 24 hours ago. At the same time, the altcoin leader Ethereum (ETH) recorded a 2.65% increase to $3,501.59. XRP rose 5.01% to $2.94, and Solana (SOL) increased 1.85% to $161.96.
The domestic market is also showing an upward trend. On the domestic exchange Bithumb, BTC recorded 160.19 million won, up 0.52% from the previous day. ETH was traded at 4.913 million won, up 1.07%, while XRP was trading at 4,123 won, down 2.13%.
The cryptocurrency market's rebound is analyzed to be due to bottom-fishing inflows. Adam Back, CEO of Blockstream, revealed on X (formerly Twitter) on the 2nd that "Bitfinex whales have been consistently buying 300 BTC every day in the last 48 hours." He particularly explained that "these whales are purchasing BTC throughout the day using the Time-Weighted Average Price (TWAP) strategy".
The Fear and Greed Index from cryptocurrency data analysis firm Alternative.me dropped 2 points from the previous day to 53 points, transitioning from 'greed' to a 'neutral' state. This index indicates that the closer it is to 0, the more contracted the investment sentiment, and the closer to 100, the more overheated the market is.
- Reporter Shin Jung-seop
< Copyright โ Decenter, reproduction and redistribution prohibited >
