The altcoin (cryptocurrencies excluding Bitcoin) market is skyrocketing. It is interpreted that the investment sentiment in the cryptocurrency market has improved as global trade tensions gradually ease.
According to CoinMarketCap, a global cryptocurrency market data tracking site, as of 9:00 AM on the 11th, the price of Ethereum was trading at $2,578 (approximately 3.61 million won). This is an increase of 9.96% compared to the previous day. Compared to a week ago, it has jumped by 40.63%. At the same time, Dogecoin, which is considered a representative of meme coins, was trading at $0.25 (approximately 350 won), up 21.78% from the previous day. It has risen by 42.24% compared to a week ago. Additionally, Ripple rose by 5.42% and Solana increased by 3.20% from the previous day, indicating that a favorable wind is blowing in the altcoin market.
It is assessed that the investment sentiment in the cryptocurrency market has recovered as signs of easing in the US-initiated trade tension are emerging, such as the US and UK signing a trade agreement recently. Furthermore, Ethereum recently conducted a large-scale upgrade called ‘Pectra’, which seems to have attracted investment demand. The Pectra upgrade aims to reduce transaction fees and improve network efficiency.