Bitcoin's velocity has decreased to a 3-year low, potentially suggesting that whales are holding onto their positions rather than transferring ownership to new investors. Meanwhile, select altcoins like Toncoin, Monero, Mantle, and Quant are showing signs of strength and could present short-term trading opportunities depending on Bitcoin's next move.
Most of the top cryptocurrencies remain stable, with minimal gains or losses over the past week, except for TON, which increased by 22%, and Bitcoin Cash, which rose by 8.6%, driven by positive developments in the TON ecosystem and the Grayscale/SEC news.
Some altcoins like OKB, Ocean Protocol (OCEAN), Bitcoin Cash (BCH), and Toncoin (TON) show potential for bullish trends in September, with OKB potentially hitting a new all-time high at $72.10. However, a breakdown in the support areas could result in bearish trends for these cryptocurrencies.
Messaging app Telegram has chosen the TON network as its preferred blockchain, integrating it into the app's user interface and providing its 800 million users access to the TON-built Web3 wallet; Toncoin, the blockchain's native token, experienced a 6.5% surge in value as a result.
The toncoin cryptocurrency has surged 70% in the past month, reaching a market capitalization of $8 billion, after being integrated into the Telegram messaging app and gaining access to its 800 million users.
The volatility in Bitcoin remains low, similar to the stability in US stock and bond markets, and is expected to continue after the Federal Reserve rate decision.
The filing from FTX's bankruptcy estate reveals that Sam Bankman-Fried's father, Joe Bankman, was paid a $200,000 salary by FTX's US division but expected to receive $1 million annually.
Binance's Bitcoin trading volumes have decreased significantly due to lawsuits and regulatory scrutiny, while Coinbase's volumes have increased.
TON coin has replaced Solana's SOL token as the 10th largest cryptocurrency by market capitalization.
Injective (INJ), OKB, and Toncoin (TON) are the top altcoins that could potentially reach new all-time highs in the month of October, with the INJ price having a potential increase of 250% to $25, the OKB price likely to hit $72, and TON potentially reaching $4.08.
The Open Network (TON), originally designed by Telegram, has received a significant investment from MEXC Ventures, with the aim of promoting global Web3 accessibility and increasing adoption of the Web3 ecosystem within the Telegram messenger.
Summary: Toncoin (TON) saw a 4% surge in value, outperforming other cryptocurrencies, after MEXC Ventures announced an eight-figure investment into the TON ecosystem, supporting various TON-based projects, and offering 0% trading fees for Toncoin.
Bitcoin's demand has surpassed Ethereum's due to the buzz surrounding a potential Bitcoin ETF and the upcoming halving, causing Ethereum's native token, Ether (ETH), to trade at a 15-month low against Bitcoin.
