In the cryptocurrency market showing a short-term correction trend, Bitcoin is currently trading at approximately 125.8 million KRW, down about 0.47% compared to 24 hours ago. Market participants are closely monitoring the testing phase of key support levels.
Rob Hadick, an analyst at Qingting Capital, stated in an interview with CNBC: “The yield of Bitcoin before the 2024 US presidential election is about 26%,” and explained that this is similar to the 28% increase in Nasdaq. Based on this analysis, he believes cryptocurrencies are showing growth trends similar to traditional financial markets. He also added, “The medium to long-term prospects of the cryptocurrency market are very bright until 2026.”
Ethereum is currently trading at 4.23 million KRW, down about 0.12% from the previous day; Ripple’s trading price is 2,695 KRW, down 1% within 24 hours, showing a trend similar to Bitcoin. No significant positive news was confirmed on the day.
Solana is also trading around 177,000 KRW, continuing its downward trend. However, some altcoins like MOVE, AVNT, and ZBT have increased by 33%, 20%, and 19% respectively, showing upward momentum and creating a contrast.
Market experts interpret this decline as a correction phase within a long-term trend and expect that policy changes after the US election and the influx of institutional investors will have a positive impact on the market. Additionally, given that Bitcoin shows yields comparable to traditional financial markets, its potential to mature as a digital asset is also mentioned.
Industry insiders believe that considering long-term favorable factors such as future Bitcoin halving, the current price adjustment could be seen as a potential buying opportunity.
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