[Bitcoin Now] Falls to 39 Million Won Range... Coin Market Cap Hits New Record

Elon Musk Mentions Dogecoin Again

Tesla CEO Elon Musk posted a photo on his Twitter account on the 4th (local time) that combined the face of a Shiba Inu, symbolizing Dogecoin, with an animated character of himself. (Source: Screenshot from Elon Musk's Twitter account)

[Asia Economy Reporter Gong Byung-sun] Bitcoin, the leading virtual currency (cryptocurrency), which recorded the 40 million KRW range the previous day, has fallen to the 39 million KRW range and has yet to recover. The cryptocurrency market is gradually expanding, achieving a new record for total market capitalization.

According to the domestic cryptocurrency exchange Upbit, as of 2 PM on the 5th, Bitcoin was recorded at 39.88 million KRW, down about 0.6% compared to 24 hours earlier. It had risen to 41.426 million KRW at 5:24 PM the previous day.

Although Bitcoin fell that day, the cryptocurrency-related market is gradually growing. According to CoinMarketCap, which broadcasts the global cryptocurrency market status, the total cryptocurrency market capitalization reached a new record of 1.139 trillion USD on the 4th (local time). It has been less than a month since the previous record of 1.1166 trillion USD was set on the 10th of last month.

Among them, Ethereum's upward trend is rapid. According to CoinMarketCap, Ethereum's market capitalization on the 3rd was about 214 trillion KRW, more than twice that of the New Year (about 93 trillion KRW). The gap in market capitalization share with Bitcoin has also narrowed. On the 5th, Bitcoin and Ethereum's shares were 61.71% and 16.43%, respectively, a difference of 45.28 percentage points. At the New Year, Bitcoin (70.56%) and Ethereum (11.14%) had a gap of 59.42 percentage points.

Meanwhile, at the same time, Ethereum recorded 1.755 million KRW, down about 1.2% compared to 24 hours earlier. It had risen to 1.8025 million KRW at 5:29 PM the previous day but dropped to 1.79 million KRW within three minutes and has not reached the 1.8 million KRW range since.

There is also analysis that mentions by celebrities have influenced the cryptocurrency market. Blockchain Research Lab, a cryptocurrency analysis firm, released a report on the 3rd (local time) titled "How Elon Musk, Tesla CEO, Moved the Cryptocurrency Market." According to this, when Elon Musk mentioned Bitcoin on Twitter, it increased by 13.19% within an hour. Dogecoin also rose 17.31% within an hour after his mention.

Elon Musk mentioned cryptocurrencies again on the 4th (local time). He said on Twitter, "Dogecoin is the cryptocurrency for us." He also posted a graphic using a scene from the animation "The Lion King," showing him holding the Shiba Inu mascot of Dogecoin. Earlier, on the 2nd (local time), he said he would quit Twitter but continues to be active on social networking services (SNS).