Toncoin has seen a remarkable 20% price increase over the past week, from $1.75 on September 9 to $1.95 on September 15, 2023. With a current market valuation of $6.72 billion, this increase has pushed the altcoin to the number 22 position.
Within the cryptocurrency arena, there is an undeniable buzz among market participants as they eagerly look for the next standout digital asset. This search is leading to a fascinating shift in the top 20 rankings as a new wave of cryptocurrencies enters the fray.
While established tokens appear to be trapped in a somewhat static trading pattern, a select group of digital currencies are demonstrating remarkable resilience and assertiveness, positioning themselves as formidable competitors capable of potentially displacing their more renowned counterparts.
Remarkable, Ton coin (TON) has emerged as a frontrunner in this battle for fame, with a remarkable increase in value of over 50% in the last 30 days.
Increased momentum for Toncoin
The significant increase in price in such a short time implies greater momentum and interest in this coin. If Toncoin can hold on steady increaseit should be able to reach the vaunted $3 mark this weekend or in the coming days.
Meanwhile, current market sentiment is mostly bearish, characterized by general consolidation within a narrow price range. Recent price declines have somewhat dampened earlier optimism.
TON market cap currently at $7.1 billion on the weekly chart: TradingView.com
However, despite these circumstances, Toncoin has managed to attract positive attention. It is worth noting that a short-lived negative correction may be expected after the coin crosses the $2 mark.
At the time of writing, TON was trading at $2.14a 12% increase in the past 24 hours and an impressive 20% increase in the past seven days, according to data from crypto market tracker Coingecko.
A notable factor contributing to Toncoin’s price increase is its remarkable trading volume. In the last 24 hours alone, Toncoin recorded a trading volume of $27 million, surpassing the 20-day average volume of $19 million by a significant margin.
TON price action in the last month. Source: Coingecko.
TON banks about larger trading volume
An increase in trading volume is indicative of growing interest in and use of a cryptocurrency. The increased number of TON buyers and sellers has led to better market transparency and more efficient price formation. The recent high trading volume has provided the necessary impetus to drive the token’s price higher.
On September 14, the Toncoin Foundation and Telegram jointly announced the launch of TON Space, a new cryptocurrency wallet designed specifically for Telegram users. TON Space facilitates connectivity to the Open Network ecosystem, which is overseen by Toncoin’s native token.
With this move, Telegram hopes to add more than 30% of its users by 2028. Interestingly, around 700 million people use the leading messaging app for cryptocurrency enthusiasts every month.
(The content of this site should not be construed as investment advice. Investing involves risks. When you invest, your capital is subject to risk).
Featured image from GetBlock.net
