Bitcoin Rises for 10 Consecutive Days... Approaching 50 Million Won?

On this day, it recorded 49.47 million won, rising close to 50 million won

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The representative cryptocurrency Bitcoin has risen for 10 consecutive days. Attention is focused on whether it can surpass 50 million KRW again.

According to the domestic cryptocurrency exchange Upbit, as of 4:42 PM on the 1st, Bitcoin recorded 48.34 million KRW, up 0.84% from the previous day.

Bitcoin has been rising for ten consecutive days, setting the longest upward streak in eight years. According to cryptocurrency media CoinDesk on the 31st of last month (local time), Bitcoin rose for 10 days starting from the 21st of last month. This is the longest rising streak since 2013. Earlier this year, it rose for eight consecutive days (March 26 to April 2) and reached an all-time high of 81.99 million KRW on April 14.

As a result, market interest is focused on whether Bitcoin will break through 50 million KRW again. At 12:57 PM on the same day, it recorded 49.47 million KRW, approaching the 50 million KRW mark. 49.47 million KRW is also the highest price this month. The most recent time Bitcoin recorded 50 million KRW was on May 21. Coinbase, a cryptocurrency exchange listed on the US Nasdaq, analyzed that "the fear of cryptocurrency price declines seems to have disappeared from the market."

Meanwhile, although Bitcoin is rising sharply, domestic investors are not flocking as much as before. According to the cryptocurrency market data site CoinMarketCap, as of 5:09 PM on the same day, the 24-hour trading volume of the four major domestic cryptocurrency exchanges (Upbit, Bithumb, Coinone, and Korbit) recorded approximately 8.5412 trillion KRW. On the 29th of last month, the trading volume of the four major exchanges recorded about 13.016 trillion KRW, increasing by more than 5 trillion KRW in just one day, but it has calmed down again. The trading volume of the four major domestic exchanges had previously surged to 44.9716 trillion KRW on May 7.