Bitcoin at 110.66 million KRW as Rising Stocks Reach 68%

At 7:30 a.m. on September 20, the domestic cryptocurrency market showed renewed preference for risk assets. Trading volume across Upbit and Bithumb reached 330 billion KRW in 24 hours, with 52 out of 76 coins exceeding 5 billion KRW in trading volume rising, representing a 68% increase rate.

Major cryptocurrencies rose in tandem. Bitcoin stood at 110.66 million KRW, up 0.0% from 24 hours prior, while Ethereum reached 3.58 million KRW, up 0.2%. The largest gainer was MultiversX listed on Upbit, surging 41.1% to 8,035 KRW with a trading volume of 65.3 billion KRW. Zama rose 36.9%, and Drive 36.4%. On the decline, Futurescoin fell 22.1% and Cap dropped 16.0%.

By absolute trading volume, XRP (XRP) led with 259.3 billion KRW, followed by Drive at 173.4 billion KRW and Bitcoin at 123.2 billion KRW. The top five coins accounted for about 20% of total market volume. Filecoin saw a significant increase in overnight trading, with its hourly volume over the past six hours reaching 1.9 times the previous 18-hour average, pushing its price up 3.0%. However, its 24-hour trading volume remained at around 9.6 billion KRW.

In derivatives markets, $244 million was liquidated in 24 hours, with longs at 48.9% and shorts at 51.1%. The put-call ratio for Deribit Bitcoin options stood at 0.77 based on trading volume, indicating more capital betting on price increases.

Investor sentiment improved, with the Fear & Greed Index rising to 71 from 56 the previous day, entering the 'Greed' zone. The Kimchi Premium remained at -1.5%, indicating domestic prices still below international levels.