Toncoin (TON) has been making headlines as its price surged by over 17% and reached a new all-time high of $6.27 on Monday. This was in response to Bitcoin’s jump above $72,000, which also led to a market-wide uptick for altcoins like Ethereum.
TON’s impressive gains have been reflected in its trading volume, which has increased by 243% to reach $433 million in the past 24 hours. This has also resulted in a market capitalization of $21.62 billion, placing it just behind Cardano (ADA) in the top 10 cryptocurrencies by market cap.
The surge in TON’s price can be attributed to several factors, including the launch of a revenue system for channel owners on Telegram, where payouts are made in TON. Additionally, the Ton Foundation announced a rewards program worth $115 million for the community.
The recent announcement of a digital identity (ID) project on the TON blockchain has further fueled the bullish sentiment around the coin. As a result, TON developers and contributors have announced plans to distribute 1 million TON to participants over the next five years.
With all these positive developments, TON is poised to potentially hit the $10 mark in the near future and even surpass Cardano in market capitalization. As the altcoin market continues to heat up, investors are optimistic about the potential for even greater returns.
In conclusion, TON’s price surge is a reflection of the overall bullish sentiment in the crypto market, as well as the various catalysts driving demand for the coin. With the potential for continued growth and adoption, TON is definitely a coin to watch in the coming weeks.
