Bitcoin, which continues its upward trend, recovered to the 50 million won level in five days.
As of 8:42 a.m. on the 21st, Bitcoin (BTC) was traded at 50,211,000 won on Upbit, a domestic virtual asset exchange, up 0.50% (251,000 won) from 24 hours ago.
Bitcoin was around 46 million won as of the 1st of this month, and was around 40 million won in early October last month. It has risen by about 30% in the past 50 days, and has risen by about 10% this month as well.
Previously, on the 10th of this month, Bitcoin exceeded $37,000 (about 47 million won), and it was the first time in about 18 months since May 6, 2022, that it exceeded $37,000.
Bitcoin's rapid progress is the result of several circumstances, including expectations of interest rate cuts and improving cryptocurrency investment sentiment. It is analyzed that the rise on this day was mainly due to the decline in government bond yields amid expectations of easing austerity measures. The U.S. interest rate futures market predicted that the U.S. Federal Reserve (Fed) would cut interest rates for the first time as early as May next year.
Ethereum is continuing its steady trend, with many cryptocurrencies falling slightly, maintaining the 2.7 million won range on this day.
Meanwhile, an analysis showed that the active supply of Bitcoin and Ethereum is hitting an annual low. This means that the tendency to hold for the long term has become stronger.
According to The Block data on the 21st, 30.12% of Bitcoin's supply and 39.48% of Ethereum's supply have moved in the past year. The scale has been reduced by half compared to the previous peak.
Active supply is the rate at which virtual assets have moved. If the active supply is low, it can be interpreted that holders have a strong desire to hold virtual assets for a long time instead of selling them.
