๐๐๐ #Toncoin (TON) price hits a new all-time high
Toncoin (TON) experienced a notable surge of over 17% to achieve a fresh all-time high of $6.26 on Monday, coinciding with Bitcoin's ascent above $72,000. With this significant price movement, investors are now pondering whether TON could potentially reach the $10 milestone within the week.
The surge in TON's value is part of a broader trend in the cryptocurrency market, buoyed by Bitcoin's resurgence, which propelled most altcoins, including #Ethereum , to new heights above $3,600 for the first time in two weeks.
As confidence grows among investors regarding the factors propelling TON's price surge, trading volume for the cryptocurrency has soared to $433 million over the past 24 hours, marking a remarkable increase of over 243%. Consequently, TON's market capitalization has surged to $21.62 billion, placing it just behind Cardano ($ADA ) in terms of market capitalization.
Should the bullish momentum persist, TON could potentially surpass Cardano and enter the top 10 #cryptocurrencies by market capitalization, potentially reaching the psychological milestone of $10.
The recent uptick in TON's price can be attributed to various catalysts, including Telegram's introduction of a revenue system for channel owners, with payouts in TON. Additionally, the Ton Foundation's announcement of a rewards program offering up to $115 million to the community has contributed to the positive sentiment surrounding TON.
Furthermore, TON's price surge has been fueled by speculation surrounding Telegram's IPO. This week's gains have been further supported by plans from TON developers and contributors to distribute 1 million TON to participants in a new initiative. Notably, a digital identity (ID) project has been established, with voluntary participants expected to benefit from the giveaway over the next five years.
Source - coinjournal.net