Bitcoin is rallying back after the recent crash, up 4.24% to $61,204.01. This constitutes a rise of 6.48% over the week, and experts have come up with a set of reasons why we’re seeing the market rally.
One of the biggest factors is major US banks buying Bitcoin ETFs. According to Bitcoin Magazine with over 3.3 million followers on X (Twitter) major US banks have bought $4.8 trillion worth of BTC ETFs.
NEW: 🇺🇸 Major banks buying #Bitcoin ETFs-
$2.8 trillion Goldman Sachs
$1.4 trillion Morgan Stanley
$600 billion Wells FargoAre you paying attention? 🚀 pic.twitter.com/eDEwtw0asp
— Bitcoin Magazine (@BitcoinMagazine) August 14, 2024
On top of this, the US job market, with which Bitcoin is correlated, is recovering. The number of jobless claims between July 20th and July 27th is significantly lower than in the first week of August according to data released by the Department of Labor.
After the crash to $50,000 levels, whales took the opportunity to stack up on Bitcoin. August 5th and 6th saw a massive increase in purchases across wallets holding 10-1000 BTC. This bullish accumulation then slowly started to trickle down the market.
CryptoQuant, a crypto analysis firm published data to support this. Their data shows Bitcoin balances on exchanges hitting a 5-year low of 2.6801 million BTC. This means more holders are moving their BTC to self-custodial wallets, and shows a lack of desire to sell.
These factors have led crypto experts to feel extremely bullish on Bitcoin, with Kyle Chassé, a massive influencer with over 211,000 followers on X (Twitter) likening its current market movements to gold.
This happened to gold. 👀
What do you think happens to #Bitcoin next? pic.twitter.com/LFa3lj52Cy
— Kyle Chassé (@kyle_chasse) August 14, 2024
As always, when Bitcoin grows, altcoins grow harder. Let’s look at some of the projects getting the biggest gains from the recent BTC rally.
Toncoin (TON)
Toncoin (TON) is up by 13.76% to $7.12 per token. TON is the native token of The Open Network, formerly known as Telegram Open Network due to its seamless integration with Telegram. This layer 1 blockchain focuses on providing an easy and cheap use case for crypto in an endeavor to increase adoption.
The addition of TON to the Binance Launchpool is further driving the price up. Financial advisers CryptoBull 360 recently shared bullish sentiments on the token on X (Twitter.)
#TON price ready to print massive candles in coming days, In addition of TON to Binance Launchpool could affect its price with possible outcomes of a rise, decline, or consolidation. Major VCs also interested to invest in $TON & Early stage projects on the network! pic.twitter.com/jUg6wmHGkL
— CryptoBull_360 (@CryptoBull_360) August 14, 2024
Over the last week, TON has grown 24.16%, almost reaching pre-crash levels, down just 3.19% over the last month. On top of capitalizing on the growth of BTC, and general crypto adoption, TON has a variety of promising projects running on it including the popular P2E title Notcoin, the web3 AI marketplace HyperGPT, and the TON Diamonds NFT.
Pepe Unchained (PEPU)
Pepe Unchained is an innovative layer 2 token that aims to revolutionize the ETH meme coin space. With the familiar Pepe aesthetic behind it, the project has already raised over $8.7 million selling for $0.0090539 each at the moment.
But PEPU isn’t just any meme coin, it provides real utility, bringing 100x faster speeds than ETH with a fraction of the gas fees, a dedicated block explorer, and instant bridging with Ethereum.
Experts are expecting big things from PEPU, with the likes of ClayBro, a YouTuber with over 130,000 subscribers following the token’s development closely, and maintaining a bullish sentiment throughout its presale.
Pepe Unchained Price Predictions! Be Prepared For Big Gains!
With the Bitcoin rally giving investors faith in the market, we’re likely going to see a lot of funds poured into promising ICOs. However, there are less than 24 hours until the next price increase, giving investors their last chance to buy Pepe Unchained at its current price.
Kitten Haimer (KHAI)
Kitten Haimer (KHAI) is a recently launched meme coin up 13.14% over the last 24 hours to $0.3381 per token. It combines a cat-themed story-driven narrative with artificial intelligence to create a unique token.
KHAI underperformed on its launch, down 74.51% since then. However, a lot of experts believe the token has essentially bottomed out, and the BTC rally could help it recoup its losses.
TraderSZ, one of the biggest crypto analysts and influencers with over 590,000 followers on X (Twitter) predicted this movement back in August, and remains bullish on the token today.
$KHAI @KittenHaimer https://t.co/WR9k7jOzUL pic.twitter.com/6peA9YMC4H
— TraderSZ (@trader1sz) August 10, 2024
Meanwhile, Solidtradez, a developer and serial investor put out an analysis back on August 8th on why he believes KHAI to be one of the highest-potential meme tokens on Solana.
One of my highest conviction SOL bags is still $KHAI [@KittenHaimer]
Creating a double bottom with trendline breakout + retest
➣ Continuously delivering based hardworking DEV with insane content skills
➣ Jeets and early buyers most probably already capitulated
➣ Solid… pic.twitter.com/lxXDCUMTLd
— Solid 堅固 (@SolidTradesz) August 8, 2024
With KHAI’s X (Twitter) growing rapidly, and BTC on the rise again, we could see KHAI reach its launch levels, and perhaps even go beyond them.
