Toncoin continues to outperform major coins in spite of a volatile week on the crypto market. Over 14% of the coin’s value surged within the last week. This gave traders huge profit margins. Toncoin currently trades at $1.44 per token, an increase of 4.68% in 24 hours.
Toncoin’s gains also extend to BTC and ETH as it records a substantial edge in price over both cryptos. Telegram has been added to the list recently. AnnoucedThe near completion of the username auction marketplace. In addition, the announcement mentioned that the marketplace will leverage Ton’s blockchain infrastructure. This bullish news helped push Ton’s price over 12% on the day.
Toncoin makes a bullish reversal to bag over 16% gains
TON’s price jump last Thursday came as a surprise for traders and the Ton blockchain users. The TON was still trading in red, reaching $1.22 by midday. But it made an immediate reversal, and quickly jumped to $1.39. It closed trading at $1.35 after a gain of 13.93%.
This sudden surge occurs at a moment when cryptocurrency markets as a whole are struggling. This month’s total market capitalization in cryptocurrency is now at $920 billion for the first time. The number could fall to $910 billion at the end of today.
This week also saw Bitcoin, the world’s first crypto, fall below $19k. Bitcoin dropped to $18,811.51 on Friday. This is a drop of 1.25% from the previous day. While it’s still trading in the red zone, it has climbed to $19k. Specifically, it’s trading at $19,318, down 0.72% from the previous day, at press time. Ethereum suffered a rough week, even though it has recovered some losses. A unit of Ether cost $1,278 on Friday. The price for Ether in the early hours of Friday morning was $1,292. Thankfully, it’s trading at $1,348, a 24-hour increase of 1.34%. But, it’s not over.Source: TONUSD Price Chart from TradingView.com
Toncoin’s Partnership With Telegram Causes Price To Surge
TON went on Twitter October 21st announceIts partnership with Telegram, a messaging platform. This partnership will allow both companies to create an online marketplace where custom usernames can be sold. Pavel Durov, Telegram’s founder and CEO proposed unique and distinctive usernames a few weeks back. Telegram will be able to trade and purchase usernames via the TON blockchain-based market.
We can draw what we need from Telegram UsernamesThe platform for auctions online is almost ready to launch. It advises that the most valuable usernames be purchased and registered in the TON blockchain’s immutable record.
This news was the main catalyst of Ton’s price action, which saw it gain over 16%. Trades have increased more than 380%. As Telegram plans to reserve and sell off unique usernames, there has been a rise in traders’ enthusiasm. Telegram has also unveiled a TON based functionality, which allows users to trade cryptocurrencies together.
Featured image taken from Pixabay. Chart from TradingView.com