- TON has gained by over 25% over the last seven days
Thanks to these gains, Toncoin is now the market’s ninth-largest crypto asset
As a seasoned analyst with years of experience navigating the volatile cryptocurrency market, I must admit that Toncoin’s [TON] recent recovery is quite impressive. The altcoin has shown resilience and tenacity, bouncing back from a significant price drop just two weeks ago to reclaim its place among the top 10 crypto assets by market capitalization.
Over the past fortnight, Toncoin’s [TON] value experienced significant drops. But since then, it’s been on the mend, striving to return to its previous high points in its price history.
Due to its recent growth, Toncoin has once again secured a spot among the leading cryptocurrencies based on market capitalization, indicating a robust comeback. Furthermore, short-term investors have started earning returns as the asset maintains an upward trajectory on price graphs.
Toncoin sees strong recovery
An analysis of Toncoin’s daily price chart revealed that it reached its highest level in nearly three weeks during its last trading session.
On September 13th, Toncoin experienced a 3.5% increase, causing its value to approximately reach $5.77. This notable surge signified a substantial recovery for Toncoin, as it had previously dropped more than 30% from August 24th to September 6th.
Currently, although the asset hasn’t quite returned to its former heights, the current upward trend suggests a robust comeback is underway.
At the time of writing, TON was trading at around $5.8, with a slight hike of less than 1%.
As an analyst, I’ve observed a significant shift in the trend of the crypto-asset. The Relative Strength Index (RSI) has moved above the neutral line, indicating a rise in buying pressure within the TON market. This bullish flip could potentially propel the altcoin’s price even further upward.
Toncoin regains its position
On CoinMarketCap, a thorough examination showed that Toncoin experienced a significant decrease in market capitalization due to its price dropping. Specifically, from approximately $17 billion on August 24th, Toncoin’s market cap dipped down to around $11.5 billion by September 5th, which resulted in it being removed from the top 10 cryptocurrency rankings.
Despite a recent surge in Toncoin’s price, its market capitalization has seen a significant improvement. Currently, Toncoin’s market cap is more than $14.5 billion, placing it back at ninth in the rankings of the largest cryptocurrencies in the market.
Moreover, it’s worth mentioning that Toncoin has stood out as it registered impressive growth in the past week. In fact, its value has increased by more than 25% compared to other leading market assets.
TON holders back in profit
In summary, after a thorough examination of the 30-day Market Value to Realized Value (MVRV) of Toncoin, it was found that this indicator signaled a positive rebound, reflecting the coin’s recent surge in value.
During Toncoin’s recent price drop, the MVRV (Market Value to Realized Value) ratio dipped below zero, reaching a minimum of -18%. This suggests that on average, Toncoin holders have experienced losses exceeding 18%.
– Realistic or not, here’s TON market cap in BTC’s terms
Despite Toncoin’s price increase over recent days, the MVRV has now shifted into a positive range.
As I write this, my MVRV (Market Value to Realized Value) ratio hovers around 6.2%. In simpler terms, this suggests that, on average, I’ve realized a profit of about 6.2% on my crypto holdings.
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2024-09-15 07:03