Toncoin Surges into Top 10 Cryptocurrencies with over $20.5B Market Cap
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Toncoin (TON) Emerges as Top 10 Cryptocurrency
In a notable turn of events in the cryptocurrency market, Toncoin (TON) has established itself among the top digital assets. With its market capitalization now more than $20.5 billion, TON ranks ninth on the list of leading cryptocurrencies worldwide per Coingecko data.
TON’s rising prominence has made it surpass Cardano (ADA) in market capitalization, relegating ADA to the last position among the top 10 cryptocurrencies. This shift solidifies TON’s position as a formidable player in the crypto market.
Strategic Investments Propel TON’s Growth Trajectory
The surge in TON’s value can be attributed to several factors, notably strategic investments from prominent firms. With assets exceeding $5 billion under management, Pantera Capital recently injected funds into the ecosystem, foreseeing TON’s potential to drive widespread adoption through Telegram.
Telegram has a vast user base of over 900 million active users monthly, and its channels amass over 1 trillion views monthly. Additionally, Mirana Ventures contributed $8 million to TON’s native blockchain, the Open Network, aligning with the network’s vision of fostering partnerships within the Web3 ecosystem.
TON Records 138% YTD
Meanwhile, TON has experienced notable growth since the beginning of 2024. On April 1, TON’s price surged by 138% year-to-date, reaching a record high of $5.69.
Telegram’s announcement in February of plans to share advertising revenue with channel owners and reward users with Toncoin further fueled interest in the network. This initiative highlights the platform’s potential to revolutionize content monetization and incentivize user engagement.
BTC’s Price Decline wipes out $60 Billion from Crypto Market
In a related development, the rapid downturn in BTC’s value wiped out approximately $60 billion in market capitalization. BTC’s price surged to over $65,500 on May 6, 2024, only to plummet by over $3,000 within that day.
The leading cryptocurrency’s tumultuous journey began on Wednesday, May 1, 2024, when it hit a two-month low of $56,500. Despite a brief rebound fueled by the US Federal Reserve’s decision not to raise interest rates, BTC continued its erratic behavior throughout the week.
However, optimism returned as Bitcoin rallied on Friday and Saturday, surpassing the $60,000 mark and reaching a 12-day peak of $65,500 on May 6. Even though investors hoped for a sustained bullish trend, their expectations were dashed as intense selling pressure caused its price to tumble to $62,650 on Bitstamp.
Nevertheless, BTC’s dominance over the altcoins remained near 51%. However, the overall sentiment remained bearish as the total crypto market cap plummeted to under $2.5 trillion, marking a 1.5% drop and a $60 billion loss in a single day.
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