概要
- The price of Bitcoin has surpassed $118,000, setting another all-time high.
- Driven by the Nasdaq Index's continued rise, strong buying activity is focused on major cryptocurrencies including Bitcoin, Ethereum, Tether, Ripple, and Solana.
- With ongoing capital inflows into Bitcoin spot ETFs, cryptocurrency trading volume has also shown a recent upward trend.
The price of Bitcoin has surpassed $118,000, hitting another all-time high in just one day. As the Nasdaq Index continues to set new records, increased risk appetite is driving buying activity in cryptocurrencies, including Bitcoin.
According to CoinMarketCap on the 11th, Bitcoin was traded at $118,370 around 3 p.m. on that day. This marks another all-time high just a day after breaking through $112,000. At the same time, Bitcoin soared to about ₩160,000,000 on domestic exchanges. However, due to the negative 'Kimchi Premium', which shows the price difference between overseas and Korean markets, it failed to surpass its highest ever price (₩163,000,000). The Kimchi Premium at that time recorded -1.43%.
The price of Ethereum, the second-largest cryptocurrency by market capitalization, is also rising steadily. On this day, Ethereum once surged to ₩4,100,000 in the afternoon, returning to the ₩4,000,000 range for the first time in about four months since February 24. In addition, other cryptocurrencies such as Tether, Ripple, and Solana also rose across the board.
Analysts say that the continued record highs in the Nasdaq Index, which consists mainly of technology stocks, have strengthened appetite for risk assets. On this day, the Nasdaq Index closed at 20,630.67, up 0.09% from the previous day, marking new highs for two consecutive days.
There has also been a steady influx of money into Bitcoin spot ETFs. According to the virtual asset industry, the cumulative net inflow into US Bitcoin spot ETFs surpassed $50 billion (about ₩6.877 trillion) just one and a half years after their launch. The net inflow this year alone has reached $14.5 billion.
There is growing interest in whether the bullish Bitcoin trend will also revitalize cryptocurrency trading activity. On June 10, the trading volume of cryptocurrencies on the domestic exchange Upbit exceeded ₩5.65 trillion, surpassing ₩5 trillion for the first time in about a month since May 30 (₩6.71 trillion). Although this is still lower than daily trading volumes in the ₩10~20 trillion range at the end of last year, it is considered a significant change given that the recent monthly average had stagnated at the ₩1~2 trillion level.
By Jinseong Kim jskim1028@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
