As of 3 PM on May 31st, the domestic cryptocurrency market showed a mixed trend with rising and falling tokens, displaying a clear movement centered on individual coins. Within this flow, there was a tendency for investment sentiment to concentrate on specific tokens, with buying pressure flowing into Tether.
In the top net buying tokens, Tether (USDT) stood out. It recorded the top 1st and 2nd net buying positions on both Upbit and Bithumb exchanges, indicating a higher preference for cash-like assets. This is interpreted as reflecting the recent market instability and a cautious approach to rising prices. Additionally, Bitcoin (BTC) and XRP also continued to see buying pressure and ranked in the top positions.
In terms of volatility, the tokens with notable price increases on Bithumb were Wallaby (LWA) and Solvcare (SOLV). They attracted investor attention by recording high growth rates. Particularly, LWA's price increase appeared consecutively due to strong demand reflecting expectations, and SOLV also showed a similar trend, continuing its short-term bullish momentum.
In contrast, the top declining tokens mostly appeared in the Coinone market. Tokens like Cruse (CRU), WOO Network (WOO), and Ethereum.Fi (ETHFI) saw significant drops, with ETHFI especially showing prominent investor outflows during its sharp decline. This can be seen as a profit-taking movement for tokens that had risen excessively.
In trading volume, investment enthusiasm for major tokens was confirmed centered on Upbit. Pocket Network (POKT), WCT, XRP, LivePeer (LPT), and BTC occupied the top ranks, showing active trading. These tokens increased in price volatility as short-term trading demand concentrated on them.
According to Bonanza Lab data, today's market is showing a mixed flow without a clear direction, depending on technical factors or supply-demand balance. The current market has increased volatility due to the complex interaction of domestic and international macro risks and individual themes. Accordingly, analyses suggest that cautious dollar-cost averaging or a wait-and-see strategy would be appropriate.
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