Is $5 Just the Beginning?

On Sep 10, 2024

Toncoin trading has exploded recently. The cryptocurrency, linked to the TON blockchain, saw its volume jump 148% in one day. This surge sent the TON price above $5, sparking investor interest.

Also Read: Putin’s Bitcoin Boom: $3 Billion Gain Last Year, Now Eyeing Market Dominance

Toncoin’s Meteoric Rise: What Investors Need to Know

Unprecedented Trading Frenzy

Toncoin volume spiked across exchanges. Let’s look at the data:

This chart shows the TON OI-Weighted Funding Rate and volume across major exchanges. Binance leads with $278.77M in volume, followed by Bybit at $111.17M.

Price Recovery and Market Sentiment

The TON price has shown a strong recovery:

As we can see, after dropping to around $4.60 in early September, Toncoin rebounded. It broke through the $5 mark and reached peaks above $5.20, indicating renewed bullish sentiment.

Also Read: Will Trump vs Harris Debate Affect Bitcoin’s September Price Pace?

Bullish Predictions and Long-Term Potential

Experts remain optimistic about Toncoin’s future. Telegaon states:

“There are strong possibilities that Toncoin can get again its position if there is any positive environment in the market. As per our price forecast, the price of Toncoin can hit an average price level of the $12.41 mark by 2024. The year can end with a maximum price of $15.91 if there is any bullish event.”

Trading Activity Breakdown

Referring back to the previously shared screenshot, we see Binance dominates TON futures trading with 1.02M trades. Bybit follows with 381.63K trades.

This high trading count, combined with the OI-Weighted Funding Rate fluctuations, show the level of active market participation and the ever-changing sentiment over the last few months.

The latest Toncoin volume spike and TON price surge above $5 have caught the attention of crypto investors. The coin has a strong presence on major exchanges. That also comes with an ambitious outlook. Many speculate this could be just the beginning for Toncoin.

Also Read: It’s Official, Oil Prices Have Turned Bearish

As the market evolves, staying informed about developments in the TON ecosystem remains crucial for interested investors.