Crypto Market Today
Altcoin Buzz recently reported a notable trend in the crypto market: Bitcoin’s reserves on major exchanges have hit a new low, which could signal a major price rally. According to CryptoQuant data, Bitcoin reserves have fallen by around 133% since January 1st, leaving just 2.62 million BTC on major exchanges.
This drop suggests that investors are moving their assets to cold storage, indicating a long-term positive outlook for Bitcoin. Could we be on the brink of a historic price rally? Let’s get some answers.
Analysts are hopeful that this reduced supply might help Bitcoin retest and even surpass the $60,000 mark by the end of 2024.
Marty Party on X pointed out the ongoing “supply shock,” noting that major exchanges like Coinbase and Binance are seeing shrinking reserves and a significant move of Bitcoin to cold storage. This trend is seen as a positive sign for Bitcoin’s price, reducing the chance of large panic sales and making the market more resilient.
Ethereum also saw positive movement, with its price rising over 2%, driven by a broader market recovery. U.S. spot Ethereum ETFs recorded an inflow of $5.9 million on August 28th, the first significant inflow since mid-August. BlackRock’s Ethereum ETF led the charge with an $8.4 million inflow, indicating growing institutional interest in Ethereum.
However, Grayscale’s Ethereum ETF continued to see outflows, losing $3.8 million on the same day.
Kaia Blockchain Mainnet Goes Live
In other news, the Kaia blockchain’s mainnet has launched. Developed by major Asian messaging apps Kakao and Line, this Layer 1 blockchain aims to revolutionize the Web3 user experience with very low gas fees, 1-second transaction finality, and integration with Kakao and Line’s platforms, which have over 250 million users combined.
Naver and Chiliz Introduce New Crypto Wallet
South Korea’s tech giant Naver has partnered with Chiliz to launch its first crypto wallet, the Naver Pay Wallet. Aimed at over 33 million users, this wallet focuses on utility and loyalty, allowing users to store cryptocurrencies and NFTs. Chiliz’s founder, Alexandre Dreyfus, highlighted that this partnership is a big step in bringing blockchain technology into mainstream digital services.
Despite the recent arrest of Telegram CEO Pavel Durov, TON Coin has stayed resilient. The recent 20% drop is more related to Bitcoin’s struggles than a severe crash, according to Ryan Lee of B.Reat Research. TON has performed better than Ethereum, thanks to strong community support and minimal negative sentiment. Crypto VCs like Alex Felix of CoinFund and Matthew Graham of Sino Global Capital are still positive about TON, noting its solid fundamentals and growing user base, which recently surpassed 50 million accounts.
Many analysts believe TON could slightly outperform the broader crypto market, with price targets between $6.50 and $7.
The crypto market is full of surprises. Stay tuned for more updates.
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