In a bold move to prevent Toncoin’s (TON) price from sliding further, crypto whales have stepped in to buy the cryptocurrency in large volumes. This influx of buying pressure comes after several instances where Toncoin appeared poised to drop to the $4 mark.

But over the last few days, bulls have ensured that the altcoin does not go below that threshold. With whales now in the picture, here is what could be next for TON.

Whales Scopp Over 13 Million Toncoin

According to IntoTheBlock, Toncoin’s large holders’ netflow surged by 44% over the past seven days. In the crypto space, large holders are addresses that control approximately 1% of a token’s total circulating supply. 

These major stakeholders often exert significant influence on price movements. When large holders’ netflow decreases, it signals that whales are selling more of the asset than they are purchasing. 

However, in Toncoin’s case, these holders accumulated roughly 13.83 million tokens on October 16, valued at over $72 million at the current price, indicating potential bullish momentum for the altcoin.

Read more: Top 9 Telegram Channels for Crypto Signals in October 2024

Beyond the increase in large holders’ netflow, Toncoin’s Coins Holding Time has also risen. This metric tracks how long a cryptocurrency has been held without being sold. A longer holding time often reflects growing confidence that the asset will generate favorable returns.

When the holding time decreases, it usually signals potential selling pressure, which could lead to a price drop. However, an uptick in holding time suggests that most holders are refraining from selling, which can strengthen buying momentum and raise the likelihood of a price hike.

TON Price Prediction: Eyes Above $6

A look at the daily chart shows that Toncoin’s price is $5.13. Although the current value is decreasing, BeInCrypto noticed strong support at $5.05. This support, which has historically prevented TON from undergoing a significant correction, could become vital again.

As it stands, TON’s price is unlikely to drop below this region. If that happens, the next move for the Telegram-native coin could be a run toward $5.80. But at $5.80, the altcoin might experience some level of resistance that might want to push it back.

However, if buying pressure continues to increase, Toncoin might successfully breach this zone, and its value might climb to $6.75. 

Read more: 6 Best Toncoin (TON) Wallets in 2024

However. in a case where bears force a rejection, TON might not reach this point. Instead, the cryptocurrency might decline below the $5 mark.

Bitcoin’s price recently experienced a surge, pushing it to a near three-month high. This rally has brought Bitcoin closer to its all-time high (ATH), sparking renewed optimism among traders and investors. 

However, despite this momentum, the presence of large whale transactions and substantial profits suggests a possible market drawdown, putting Bitcoin’s bullish outlook in jeopardy.

Bitcoin Is the Talk of the Town

Santiment’s latest data reveals a significant increase in whale transactions, with Bitcoin transactions over $100,000 reaching a 10-week high. This surge in whale activity often signals a shift in market behavior, as large holders are known to influence price movements by either accumulating or offloading their assets. Currently, the heightened volume of whale transactions is raising concerns about a potential price correction.

At the same time, Bitcoin’s dominance in social media conversations has grown substantially, accounting for 25% of all crypto-related discussions. This trend indicates a shift in attention away from altcoins, with many traders focusing on Bitcoin’s performance. Historically, when Bitcoin captures such a large share of the crypto spotlight, it often precedes market volatility, heightening the likelihood of a drawdown.

“Both of these signals are signs that the rally may be on hold due to key stakeholder profit taking and high crowd FOMO. However, with mid and long term metrics still looking bullish, any price correction would likely be a short one,” said Santiment.

Read more: What Happened at the Last Bitcoin Halving? Predictions for 2024

Bitcoin’s macro momentum paints a similarly cautionary picture. At present, 95% of Bitcoin’s circulating supply is in profit, a statistic that has historically aligned with market tops.

When the majority of holders are in profit, selling pressure often increases, leading to downward price corrections. This scenario has unfolded in previous market cycles and appears to be repeating itself, suggesting that Bitcoin may be approaching a near-term peak.

With such a high percentage of the supply in profit, the current market environment is reminiscent of conditions that led to previous corrections. The high profitability encourages many investors to secure their gains, thereby putting pressure on Bitcoin’s price. If these conditions persist, a market top may form, triggering a decline.

BTC Price Prediction: No ATH

Bitcoin is currently trading at $67,432, edging closer to the critical $68,000 resistance level. Additionally, Bitcoin is on the verge of breaking out of a descending wedge pattern that has been in play since March. A breakout from this pattern could fuel a rally of up to 27%, potentially pushing the price to $88,077.

However, past patterns indicate that Bitcoin may not sustain such a rally. A breakout attempt could fail, leading to a correction that brings the price back down to $65,000. This price action would likely result in a temporary dip rather than a sustained move toward a new ATH.

Read more: Bitcoin Halving History: Everything You Need To Know

Without the necessary momentum, Bitcoin will struggle to break its ATH of $73,800, a level that remains just 9% above the current price. A failure to breach this level would invalidate the bullish outlook, keeping Bitcoin below its previous peak.

The allure of anonymity has always been a significant draw in the blockchain ecosystem. Early adopters touted the ability to conduct transactions in secrecy, far from the prying eyes of centralized institutions and regulators.

However, as blockchain evolves, the industry faces a critical question – Is anonymity still paramount, or is it a fading aspect amidst growing demands for transparency?

Why Blockchain Transparency is Important?

The blockchain sector is undergoing a transformation. Enhanced regulatory scrutiny and advancements in blockchain analytics are slowly demystifying the once-opaque crypto ecosystem.

A revelation by the on-chain detective ZachXBT, who exposed the crypto holdings of a meme coin trader, Murad, highlights this shift. This exposure ignited debates about the ethics of revealing such information and whether such acts undermine the foundational privacy promised by blockchain.

Read more: Who Is ZachXBT, the Crypto Sleuth Exposing Scams?

Despite concerns, many argue that transparency is crucial for combating fraud, money laundering, and other illicit activities within the crypto space.

The call for greater oversight is partly driven by the increasing incidents of crypto-related frauds and hacks. According to an Immunefi report, over $412 million was lost to such incidents in the third quarter of 2024 alone. Moreover, year-to-date, the total reached $1.3 billion across 169 incidents by September 2024.

These security breaches and the utilization of cryptocurrency in illegal activities fuel the debate over blockchain’s dual nature—offering freedom yet potentially facilitating unlawful acts.

Need For a Balanced Approach

In an interview with BeInCrypto, Alex Pruden, Executive Director at Aleo Foundation, countered this perspective. He highlighted the misuse of traditional financial systems in crimes.

“The traditional financial system is used for illegal activities all the time. 99% of money laundering and sanctions evasion actually happens through large financial institutions (who don’t catch it until after the crime has been perpetrated). Does that mean we should ban banks and payment processors? Of course not, because these institutions provide benefits to everyone else. The key is finding the right balance,” Pruden told BeInCrypto.

Supporting this, a Crypto Information Sharing and Analysis Center (ISAC) report notes that cash is used far more frequently than crypto in illegal activities. The report challenged the notion that crypto is predominantly the currency of criminals.

Read more: Anonymity vs. Pseudonymity: Understanding the Key Differences

Moreover, purists and privacy advocates contend that an extreme move towards openness erodes the core values of blockchain. Pruden emphasized the importance of privacy.

“Real-world financial transactions between parties are often predicated on a notion of confidentiality. And this confidentiality/privacy is essential for businesses to function. For example, businesses transacting with one another may not want the contents of that transaction public to competitors. Likewise, individual financial transactions on public blockchains are at risk from surveillance, data mining, and cyberattacks,” Pruden stated.

Contrary to Pruden’s view, Adrian Brink, co-founder of Namada, argues that blockchain was never truly about privacy.

“I don’t think that blockchain was built on the promise of privacy at all. Bitcoin doesn’t offer any privacy guarantees. The potential for de-anonymization was there from the beginning,” Brink told BeInCrypto.

Read more: Top 7 Privacy Coins in 2024

Experts Claim Zero Knowledge Proof is the Solution

This tension between privacy and transparency raises pivotal questions about the future of blockchain. Can it remain decentralized and secure while compromising on anonymity? Or is privacy still essential to protect users and uphold the technology’s principles?

William Wendt, Head of Ecosystem at Oasis, told BeInCrypto that privacy isn’t a binary choice.

“Often, this issue of privacy vs. transparency is looked at through a binary lens. Either a blockchain is fully transparent or fully anonymous. However, this is not the case. Privacy is a spectrum, and different dApps and users will have different preferences for what level of privacy/transparency they will need,” Wendt said.

According to all three experts, a promising solution lies in zero-knowledge technology, which offers a way for transparency and privacy to coexist. Zero-knowledge proofs (ZKPs) allow for the verification of transactions without revealing underlying data, thus maintaining user privacy while ensuring compliance with laws.

“Historically, transparency was seen as a mechanism to enforce compliance, but it doesn’t have to come at the cost of user privacy. Cryptographic solutions like ZK proofs (ZKP) enable a system where transactions can be “correct by construction” in terms of the law, without revealing the underlying data. This protects user privacy and creates a user interface closer to a bank account/payment app than most Web3 applications today,” Pruden noted.

Brink also supports this nuanced approach, emphasizing that the need for privacy varies by context.

“What you need to share with your local government is going to be different from what you want to share with the world. The key issue is primarily self-sovereignty. We’re moving towards a world where technologies like zero-knowledge cryptography empower users with the choice of what to share. Privacy can coexist with transparency, but the architecture must be thoughtfully designed,” Brink told BeInCrypto.

Read more: What are Zero-Knowledge Proofs? Securing Growth for Web3 Apps

Zero-knowledge cryptography addresses privacy concerns and also meets regulatory requirements, offering a balanced solution that protects individual privacy and fulfills transparency obligations. This technology proves compliance with anti-money laundering (AML) and Know Your Customer (KYC) regulations without disclosing personal information, providing a win-win scenario for all stakeholders.

Due to heightened interest, the zero-knowledge sector is growing. According to data from CoinGecko, the total market capitalization of zero-knowledge coins stands at nearly $13.5 billion.

In conclusion, while blockchain was initially celebrated for its privacy features, the changing environment suggests that both transparency and privacy are necessary for its future. The ongoing development of zero-knowledge cryptography and similar technologies may hold the key to maintaining blockchain’s founding principles while adapting to new regulatory environments.