Bitcoin soars, pushing daily domestic trading volume past ₩8 trillion…highest since May

Bitcoin (BTC) has hit successive all-time highs, driving the daily trading volume of the domestic virtual asset (cryptocurrency) market to exceed ₩8 trillion. Analysts say the recent strength of altcoins is injecting renewed vitality into the market.

According to virtual asset data platform CoinGecko on the 11th, the 24-hour cumulative trading volume of the top five domestic exchanges (Upbit, Bithumb, Coinone, Korbit, GOPAX) totaled ₩8.6776 trillion. This marks the first time the daily volume has returned to the ₩8 trillion level since May 31. Of this, Upbit accounted for 74.1% of the total, while Bithumb and Coinone logged 23.7% and 1.8%, respectively.

In the market, there is an assessment that Bitcoin's steep rise is driving domestic investor sentiment. Bitcoin's market capitalization has once again surpassed the combined total of KOSPI and KOSDAQ. Although there has been ongoing competition between Bitcoin and the Korean stock market in terms of market cap since the beginning of the year, the recent rebound in virtual assets has strongly favored Bitcoin.

The background to Bitcoin's strength includes an expansion of capital into spot Bitcoin ETFs in the United States and continued institutional buying. Additionally, anticipation for a possible interest rate cut by the US central bank, the Fed, in September is also being formed.