Is the Coin Bull Market Returning... Bitcoin Price Surpasses 55 Million Won

[Image source=Yonhap News]

[Asia Economy Reporter Kim Jin-ho] The domestic trading price of Bitcoin, the representative cryptocurrency, has risen to the 55 million KRW range.

According to the domestic cryptocurrency exchange Bithumb, as of 9:01 AM on the day, the price of Bitcoin recorded 55.33 million KRW. This is a 2.55% increase compared to 24 hours earlier.

The domestic price of Bitcoin had been hovering between 50 million and 53 million KRW for the past few days. It is analyzed that the recent upward trend had somewhat stalled due to the heated debate over cryptocurrency taxation in the U.S. House of Representatives.

However, from the afternoon of the previous day, it followed a strong upward trend and rose to the 55 million KRW range. The renewed interest of investors in cryptocurrencies is cited as the main reason.

According to Dunamu's digital asset sentiment index on the cryptocurrency exchange Upbit, it recently indicated a state of 'greed.' The greed state means that investors' interest in the market is increasing, and price volatility and trading volume may rise.

At the same time, the price of Ethereum was 3.844 million KRW, up 3% compared to 24 hours earlier. Dogecoin also rose 3.56% to 331.5 KRW compared to 24 hours earlier.