Bitcoin, which has seen a sharp rise, is now taking a breather. After climbing over 20% in a week and recovering to $80,000 the previous day, it has since given back some gains and is currently trading in the $78,000 range.
According to CoinMarketCap, as of 8 a.m. on the 26th, Bitcoin was trading at $78,834, up 0.06% from the previous day. It reached $80,000 for the first time since May 4 but has since fluctuated around that mark as the upward momentum has slowed.
Analysts suggest that Bitcoin's price could continue to trend upward. Following the U.S. Treasury's announcement to expand bond purchases, there has been a resurgence in the 'debasement trade,' where investors buy alternative assets like gold and Bitcoin to hedge against currency devaluation. Additionally, expectations for relaxed regulations on virtual assets and significant capital inflows into spot Bitcoin exchange-traded funds (ETFs) are contributing to this outlook.
Furthermore, President Donald Trump urged Congress to pass the Clarity Act on August 19, which analysts believe has positively impacted Bitcoin's price. Although the Senate failed to vote on the Clarity Act before its August recess, it is expected to be discussed again in Congress next month.
Market sentiment is also recovering quickly. As of today, CoinMarketCap's 'CMC Crypto Fear and Greed Index' stands at 80, indicating 'extreme greed.' This is the first time the index has reached the 80 mark since December 18, 2024.
In contrast to Bitcoin, major altcoins are showing weakness. Ethereum is trading at $2,450, down 1.35% from the previous day. Solana has decreased by 0.28% to $97.01. The stablecoin Tether remains unchanged at $0.99, while Ripple (XRP) has dropped 2.42% to $1.44.
Meanwhile, as of 8 a.m., Bitcoin was trading at 1,093,440,000 won (approximately $79,062) on the domestic exchange Bithumb, reflecting a 0.43% decrease from the previous day. The 'Kimchi premium' stands at 0.61%, indicating that domestic Bitcoin prices are slightly higher than those abroad.
* This article has been translated by AI.
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