The chaos of South Korea's martial law has caused significant fluctuations in Bitcoin prices on Upbit, with prices plunging to $71,800 at one point, a drop of nearly 30%.
Investors are rushing into Upbit to buy the dip, with trading volume exceeding $25 billion.
During the martial law and subsequent lifting in South Korea, a group of savvy investors seems to be arbitraging on the major events. It is said that during the crash on the Korean exchanges, over $100 million rushed in to buy the dip, making profits, as Bitcoin below $70,000 is indeed attractive.
Overall, the turbulence in the cryptocurrency market caused by South Korea's martial law has eased. After the lifting of the martial law, investors flocked to Upbit, actively participating in buying the dip, driving up the trading volume of various cryptocurrencies.
These data show that even in the event of major political occurrences, South Korean investors still maintain a certain level of confidence and interest in the cryptocurrency market.
The trading volume of these 7 coins on Upbit is among the top.
In terms of trading pairs with the Korean won, as of today (12/4), the trading volumes of Ripple ($XRP), Bitcoin ($BTC), Dogecoin ($DOGE), IOTA ($IOTA), Hedera ($HBAR), Stellar Lumens ($XLM), and TRON ($TRX) on Upbit are among the highest, with $XRP's trading volume over five times that of Bitcoin, which is quite impressive.
As of today's writing, Bitcoin is quoted at $95,533 on Upbit, while the global average is $96,479, still showing a price difference of nearly $1,000.
Although the cryptocurrency market faced huge volatility last night, Binance Coin ($BNB) and TRON ($TRX) unexpectedly became beneficiaries among the top 20 cryptocurrencies, not only surging to record highs but TRX even skyrocketed over 90%, currently quoted at $763 and $0.3998 respectively.
The secondary altcoin bull has already begun, and here's a way to find coins:
It is now the golden age of the secondary market, the easiest time to make money in this entire bull market. The market is so hot that even TRX with a market cap of 10 billion doubles in a day. Those who rely on grabbing small profits, first-tier coins, and low-value coins should step aside.
I wonder if everyone has noticed that the cryptocurrencies rising on Binance are all large-cap coins, as they can accommodate large funds first. Once large caps have risen sufficiently, capital will surely flow out to boost low-cap coins with full circulation.
The main features of the market are as follows:
1. Old coins, issued before the last bull market, with a circulation of over 50%. Even ancient coins like EOS/XLM/NEO are surging, while new coins on Binance have hardly risen.
2. The integration of blockchain with the real world: RWA, DEPIN, and DEFI are core themes. The stablecoin sector, including MKR, CRV, RSR, and TRU, surged collectively yesterday, while the DEPIN sector's XYO and IOTA continued to rise sharply.
3. Coinbase has spot trading, and the trading volume of XRP indicates that American capital is leading this wave. Currently, we are still in the first phase of capital accumulation, with a second phase of altcoin surges expected. The trend will continue at least until the first quarter of next year; forget about BTC and cherish this few months of the altcoin golden age.
These 3 altcoins: bullish breakthroughs with 10-100 times returns are on the way!
1. CRV
Looking at the rise of CRV, it really feels like buying a scratch card for two dollars and winning five million. The next step is to take profit on 5% of the position at $1.234.
2. Sui
In the past month, Sui ($SUI) has performed impressively, with its price rising 75%, indicating strong market momentum.
Olanrewaju noted that in December this year, Sui ($SUI) will face a token unlock worth up to $210 million. Although unlocks typically increase market supply and can lead to price fluctuations, Sui has shown a certain level of resilience during past unlock events.
From a technical perspective, Sui is currently priced at $3.5, having risen above the 20-day and 50-day exponential moving averages (EMA), which is typically seen as a bullish signal. Under favorable market conditions, Sui is expected to rise to $4.40 in December. However, if there is significant selling pressure or unforeseen market events, a correction may occur, with a noteworthy support level at $2.38.
3. FIL
In the past month, Filecoin [FIL] has performed exceptionally well, with a price increase of 94.18%, nearly doubling from recent lows. Moreover, this bullish trend continues to advance, climbing another 6.17% in just the last 24 hours, with a weekly increase of 24.04%.
In the upcoming trading days, market participants are sure to play a key role in driving FIL's price trends. Based on the current bullish sentiment, I deduce that FIL is likely to continue its upward trend and may even reach double-digit price levels.
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