Toncoin has experienced a significant 20% price increase in the past week, going from $1.75 on September 9 to $1.95 on September 15, 2023. With a current market valuation of $6.72 billion, this rise has positioned the altcoin as the 22nd-ranked cryptocurrency.
Within the cryptocurrency market, there is a noticeable excitement among participants as they search for the next standout digital asset. This search is causing a shift in the top 20 rankings as new cryptocurrencies enter the market.
While established tokens seem to be stuck in a static trading pattern, a select group of digital currencies is showing resilience and assertiveness, positioning themselves as potential contenders to replace more well-known cryptocurrencies.
Notably, Toncoin (TON) has emerged as a frontrunner in this battle for prominence, experiencing a significant surge of over 50% in value over the past 30 days.
Increased Momentum For Toncoin
The significant price increase in such a short period of time indicates increased momentum and interest in this coin. If Toncoin can maintain its steady rise, it should reach the coveted $3 mark this weekend or in the coming days.
Meanwhile, the current market sentiment is mostly bearish, with prices consolidating within a narrow range. Recent price declines have dampened earlier optimism.
TON market cap currently at $7.1 billion on the weekly chart: TradingView.com
Despite these conditions, Toncoin has managed to attract positive attention. It’s important to note that a short-lived negative correction is expected after the coin surpassed the $2 mark.
At the time of writing, TON was trading at $2.14, a 12% increase in the last 24 hours and an impressive 20% increase in the past seven days, according to data from crypto market tracker Coingecko.
A significant factor contributing to Toncoin’s price surge is its remarkable trading volume. In the last 24 hours alone, Toncoin recorded a trading volume of $27 million, surpassing its 20-day average volume of $19 million by a significant margin.
TON price action in the last month. Source: Coingecko.
TON Banks On Increased Trading Volume
An increase in trade volume indicates growing interest and usage of a cryptocurrency. The growing number of TON buyers and sellers has led to improved market transparency and more efficient price formation. Recent high trading volume has helped drive the token’s price higher.
On September 14, the Toncoin Foundation and Telegram jointly announced the introduction of TON Space, a new cryptocurrency wallet specifically designed for Telegram users. TON Space facilitates connectivity to The Open Network ecosystem, overseen by the native Toncoin token.
With this move, Telegram aims to attract more than 30% of its users by 2028. It is interesting to note that around 700 million people use the leading messaging app for cryptocurrency fans every month.
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Featured image from GetBlock.net