Crypto market update: BTC and ETH stay high as reserves fall

By Raffaele Redi

Support remains high for bitcoin and ethereum as exchanges reserves fall

Bitcoin rising and falling in front of a financial chart                                 
Bitcoin price remains buoyant – Photo: Shutterstock
                                

Bitcoin and ethereum support remains high on Wednesday 1 September, sustained by a marked decrease in their exchanges reserves.

According to data from CryptoQuant, around 18.8 million ETH are held in all exchanges’ wallets, representing the lowest amount in the past 12 months, while BTC supply for selling, altcoins purchasing and margin trading amounted to roughly 2.46 million.

According to Currency.com, bitcoin’s price remained almost stable in the past 24 hours at around $47,589 at 10:30 BST (UTC -1). The largest cryptocurrency for market capitalisation was trading up 0.1%, and it was also up 0.5% in the past seven days. The market cap of BTC was $893.7bn (£649.6bn), while the lead crypto’s trading volume was around 16% higher at $36.7bn.

Meanwhile, the total crypto market capitalisation had risen by around $40bn from $2.088trn to $2.128trn in the past 24 hours.

ETH: All exchanges reserve
ETH: All exchanges reserve. Photo: cryptoquant.com

Ethereum price rocketed over past 12 months

Ether price skyrocketed tenfold in one year, while the ETH amount held in all exchanges’ wallets decreased drastically from 25.3 million to 18.8 million in the past year.

From around $386 at the beginning of September 2020, the price of ether rose to the current value of $3,535 over the past year. Since the London Hard Fork, the network has burned $555m in ETH, with a net reduction of 44.2%.

Ether was trading up by 6.0% with a market capitalisation of $413.7bn. The cryptocurrency’s trading volume was around 28% higher at $28.7bn in the past 24 hours.

Elsewhere, Cardano was trading up by 1.2% at $2.83, with a market cap of $90.8bn and a trading volume of $4.8bn, down 7% in the past 24 hours.

Top gainers and losers

Meanwhile, the likes of Mina (MINA) rose by 30%, while OKB (OKB), FTX Token (FTT) and VeChain (VET) all witnessed more than 10% increases in their price.

On the opposite side of the coin were Celo (CELO) and Cosmos (ATOM) with both cryptos down around 10% today, at $5.58 and $22.56 respectively. CELO had previously rocketed by 91% in the past seven days.

Perpetual Protocol (PERP) followed a similar pattern trading down 7.5% at $19.61 after a 15% increase during the past seven days.

All prices are correct as of 10:30 BST (UTC -1).

BTC/USD price history

Date Close Change Change(%) Open High Low
Oct 22, 2021 63069.85 891.00 1.43% 62178.85 63363.75 62137.25
Oct 21, 2021 62200.00 -3804.90 -5.76% 66004.90 66668.75 61959.90
Oct 20, 2021 66004.65 1717.60 2.67% 64287.05 67020.00 63519.90
Oct 19, 2021 64286.75 2255.05 3.64% 62031.70 64524.25 61351.95
Oct 18, 2021 62033.45 505.75 0.82% 61527.70 62707.40 59878.75
Oct 17, 2021 61512.70 631.35 1.04% 60881.35 61717.20 59619.45
Oct 16, 2021 60876.75 -813.70 -1.32% 61690.45 62390.70 60150.70
Oct 15, 2021 61695.45 4340.85 7.57% 57354.60 62908.70 56857.75
Oct 14, 2021 57353.25 -19.75 -0.03% 57373.00 58553.95 56799.50
Oct 13, 2021 57372.50 1378.95 2.46% 55993.55 57811.50 54220.00
Oct 12, 2021 55997.35 -1498.75 -2.61% 57496.10 57711.40 53648.30
Oct 11, 2021 57494.40 2813.25 5.14% 54681.15 57841.15 54437.25
Oct 10, 2021 54678.25 -278.95 -0.51% 54957.20 56075.95 54104.95
Oct 9, 2021 54960.35 991.15 1.84% 53969.20 55495.70 53679.20
Oct 8, 2021 53968.10 161.75 0.30% 53806.35 56172.25 53621.00
Oct 7, 2021 53806.50 -1547.05 -2.79% 55353.55 55379.15 53395.50
Oct 6, 2021 55351.90 3852.65 7.48% 51499.25 55789.25 50411.75
Oct 5, 2021 51494.90 2245.45 4.56% 49249.45 51912.20 49062.70
Oct 4, 2021 49251.95 1015.30 2.10% 48236.65 49521.20 46915.70
Oct 3, 2021 48240.40 573.05 1.20% 47667.35 49253.15 47135.20

Further reading: Crypto market update: BTC at $47,000 following IMF tweet

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
iPhone Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with crypto or fiat
iMac Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with crypto or fiat
iMac Image