Bitcoin holders keep accumulating as the coin adds sats during Asian trading hours. How positive sentiment rallied through the market – below.
Bitcoin At $61,000
Bitcoin (BTC) surged above $61,000 in early Asian trading hours on Wednesday. The update spurred positive sentiment in the market after turbulence at the beginning of August, including uncertainty around the Japanese yen, recessionary fears in the U.S., and tensions in the Middle East.
BTC/USDT 1D chart. Source: WhiteBIT TradingView
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On the contrary, market participants remain reluctant to take action. “Investors remain cautious ahead of US CPI this week,” QCP Capital wrote in a note on Tuesday. “They will closely watch inflation numbers for guidance on whether the Fed will cut rates by 50 or 25 basis points in September. The odds are now evenly split.”
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The Accumulation Trend Score, an on-chain metric indicating the acquisition of assets by users, has hit its highest value above a score of 1, Glassnode data reveals.
Bitcoin’s Accumulation Trend Score. Source: Glassnode
This observation suggests that long-term holders, who heavily divested during the run-up to an all-time high (ATH) in March, returned to HODLing, with a total volume of 374,000 BTC migrating into holding status over the last three months.
“From this, we can infer that the propensity for investors to hold onto their coins is now a larger force relative to their spending pressures,” Glassnode wrote. The market’s ability to find support at this level indicates investors’ optimism about Bitcoin’s short- to medium-term prospects, as well as the trend’s potential strength.
Toncoin & Ethereum Lead the Sentiment
While Bitcoin, Solana, and Ethereum added roughly 3% to their prices, memecoins did not show any significant dynamics. This suggests that the market has not been in favor of riskier bets today.
Specifically, Ether turned out to be one of today’s top performers. The token added 3% to its value as an outcome of a clear bullish sentiment, taken up on August 5th (cyan parallel channel). At the writing time, ETH is trading for $2,724, getting closer to the crucial $3,000 milestone.
ETH/USDT 6h chart. Source: WhiteBIT TradingView
Apart from Ethereum and Bitcoin, investors continue to be bullish on Toncoin (TON). The token added 8.05% to the price in the last 24 hours, hovering around the $6.80 zone.
TON/USDT 6h chart. Source: WhiteBIT TradingView
TON’s stakeholders point out the GameFi growth in the platform, which is positively reflected in the whole dApps adoption. In recent months, the community has been diving into Notcoin, WhiteBIT’s Pocket Rocket, Near Protocol’s HOT, and other remarkable TON-built projects.
“The number of players of TON games break the ceiling glass of previous blockchain games by the viral social growth in Telegram. And some TON games have already verified the significant revenue from gameplay itself, not token selling,” John Cheang, the TON Foundation’s Asia-Pacific lead, said in an interview with CoinDesk.
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Paul Osadchuk
Paul Osadchuk is a digital journalist specializing in cryptocurrency and Web3 topics. He writes for GNCrypto, Cryptoslate, and Foresight News EN, and maintains analytical blogs on TradingView, Binance Square, and CoinMarketCap. With over five years of experience in marketing and PR for crypto and Web3 companies, he has gained deep industry insight and expertise in crypto trading.