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Weekly Market Watch: Bitcoin And Ethereum Show Resilience, Altcoins Surge

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Over the previous week, the world of cryptocurrency experienced relatively positive optimism. The entire week encountered a slightly favorable performance of Bitcoin. Meanwhile, Ethereum also followed suit, showing a modest rebound from the crash observed in the recent weeks.

In addition to the major cryptocurrencies, alternative coins (Altcoins) encountered a notable increase over the recent week. Some of the low-cap coins manage notable gains in the weekly charts. 

Toncoin (TON) is at the top of the list of 70 altcoins experiencing a significant gain in value this week, followed by THORChain (RUNE) and Maker (MKR), second and third place, respectively. 

Toncoin (TON) experienced a notable increase of 35% over the past seven days; however, it has made a strong recovery in the past month. As of now, TON is being traded at $2.29, reflecting a 4.69% decrease within the last 24 hours. 

Source: CoinMarketcap

The price increase came after Telegram’s popular messaging app unveiled a crypto wallet developed on The Open Network (TON) blockchain. This wallet is now available to Telegram’s vast user base of 800 million people, a move that is expected to drive further adoption of Toncoin.

Meanwhile, THORChain (RUNE) is also experiencing a significant gain and has managed to recover some of its value. Over the past week, RUNE has experienced a significant increase of approximately 22.09%. 

Source: CoinMarketcap

Currently, RUNE is trading at $1.88. In the last 24 hours, the token has experienced a 0.83% decrease, and its trading volume has also decreased by 15.56% in the same time period.

Source: CoinMarketcap

Additionally, Maker (MKR) has also gained significant attention due to its weekly performance, with a notable increase of about 12%. MKR is currently trading at $1,250.56, with a decline of 1.28% in the last 24 hours.

Moreover, some popular coins are experiencing gains in weekly charts, including TRX at 6%, BCH at 10%, and ATOM at 4.05%, according to the data from CoinMarketcap. 

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

Bitcoin, the widely recognized digital currency, faced a notable recovery in the week that just passed as it approached a key resistance at $26k. Bitcoin enjoyed a slight 5% price jump in mid-week, climbing from $25,000 to $26,800. However, Bitcoin stayed within a limited trading range for the entirety of the week.

Source: CoinMarketcap

An update from Santiment noted that Bitcoin has sustained a 5-month high level of unique address activity. On average, approximately 1.1 million Bitcoin addresses have been actively sending and receiving coins on a daily basis. Additionally, there has been a 5% increase in the price of Bitcoin over the past three days, leading to a surge in profit-taking, reaching a 2-month high as of today.

From the perspective of Bitcoin’s technical analysts, they emphasize the significance of Bitcoin closing above the 200-week Exponential Moving Average (EMA) as a crucial indicator for bullish momentum continuation. Analysts are optimistic that Bitcoin will maintain this trend in the upcoming week, potentially mirroring the price patterns observed during the 2015/2016 cycle.

Likewise, Ethereum has followed a trading pattern that resembles Bitcoin’s. Santiment’s data indicates that the supply of Bitcoin and Ethereum on exchanges has declined, suggesting that traders are increasingly inclined to hold onto their assets. 

Source: CoinMarketcap

Furthermore, Santiment reported a noteworthy development in the Ethereum network, with a staggering 1,089,893 unique wallets participating as senders or receivers of ETH on a single day, marking the second-highest activity level in the asset’s history spanning over 8 years. This unusual occurrence in Ethereum’s network activity could serve as the long-awaited signal for a potential price rebound.

According to CoinMarketCap, Bitcoin is trading at $26,631.36, with a 0.41% increase over the past 24 hours and a 3.47% increase over the past seven days. On the other hand, ETH is being traded at $1,627.93, experiencing a 0.77% decrease in the past 24 hours and a 1.01% rise over the past seven days.

Related Reading |  Toncoin Soars: From $1.62 To $2.52 In 7 Days, Bulls Eye $3 Mark 

Toncoin Soars: From $1.62 To $2.52 In 7 Days, Bulls Eye $3 Mark

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Toncoin has been on a remarkable, bullish streak over the past week, making significant gains of approximately 35% in its price, as depicted in the weekly chart. Starting at $1.62 on September 11, it reached an impressive high of $2.52 on September 16, 2023. This surge has propelled Toncoin to the 9th position on CoinMarketCap, with a market valuation of $7 billion.

Source: Coinmarketcap

The bullish trend gripping TON began on September 11, trading at $1.62. In just a week, the coin soared to a high of $2.52 on September 16, signifying a substantial 35% price increase. At the time of writing, the coin is trading at $2.30, displaying resilience despite the volatile nature of the cryptocurrency market.

One of the key drivers behind its remarkable ascent is its impressive trading volume. Over the past 24 hours alone, Toncoin recorded a trading volume of $53 million, significantly surpassing its 20-day average volume. This surge in trading activity suggests heightened interest and momentum surrounding TON.

In the larger context, TON has exhibited an impressive 75.01% increase in value over the last 30 days, solidifying its position as a prominent player in the cryptocurrency market. While established tokens remain relatively stable, the coin’s rapid price appreciation showcases its potential to challenge more renowned counterparts.

Source: Coinmarketcap

Looking ahead, the major resistance level at $3 stands as the next significant milestone for Toncoin. If the current momentum persists, Toncoin could breach this crucial threshold in the coming days, further cementing its status as a cryptocurrency to watch.

Toncoin Stands Out Amid A Predominantly Bearish Market Sentiment

Despite a prevailing bearish sentiment in the overall market, Toncoin’s ability to shine amidst the broader consolidation is noteworthy. Investors are closely monitoring Toncoin’s performance as it continues to defy market trends.

Significant developments within the project complement Toncoin’s recent surge. The popular messaging app Telegram recently unveiled a crypto wallet developed on The Open Network (TON) blockchain. This wallet is now available to Telegram’s vast user base of 800 million people, a move that is expected to drive further adoption of Toncoin.

Additionally, at the TOKEN2049 event in Singapore, Steve Yun, President of TON Foundation, and John Hyman, CIO at Telegram, presented an ambitious plan to propel Web3 technologies into mainstream adoption. 

Emphasizing the need for seamless user experiences and improved distribution methods, the duo underscored the importance of making blockchain technology “invisible” to users, aligning with the principles of successful consumer tech products.

Related Reading | Bitcoin Could Reach $27,400 Soon, Says Whale Analysis

Toncoin (TON) Surges To 3-Month High of $1.95 Following TON Space Wallet Launch

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Toncoin (TON) has reached a significant milestone by surging to a three-month high of $1.95 following the launch of the self-custodial version of the TON-based wallet, TON Space. 

This development, met with enthusiasm by the cryptocurrency community, has paved the way for a global rollout scheduled for November. Notably, this feature will become the default for all Telegram users worldwide, except those in the United States.

The primary goal of this initiative is to onboard a substantial portion of Telegram’s massive user base onto the Toncoin ecosystem by 2028, with an ambitious target of attracting 30% of all Telegram users.

In response to this announcement, Toncoin experienced a remarkable upswing, emerging as the day’s top gainer among the top 10 cryptocurrencies, recording an impressive 13% increase in value.

TON has exhibited a remarkable recovery trend over the past two days, bouncing back from a near two-week low of $1.6040. On September 11, the cryptocurrency found support at the Fib 0.5 retracement level of $1.6171, subsequently regaining momentum. It swiftly climbed back above its 20-day Exponential Moving Average (EMA) and the Fib 0.382 retracement level.

As of now, Toncoin is trading at $1.92, representing a notable 7.22% gain in the daily chart. This consistent upward movement signals a positive trajectory for Toncoin, hinting at continued recovery in the near future. 

Source: CoinMarketcap

Telegram Launches Toncoin (TON) Space Self-Custodial Wallet

The launch of this wallet, TON Space, was jointly announced by Telegram and the TON Foundation during Singapore’s Token2049 crypto conference, attended by over 10,000 individuals.

The TON Foundation, an entity formed by open-source developers and blockchain enthusiasts, now supports the development of The Open Network (TON), the blockchain underpinning various Telegram applications, including the self-custodial wallet.

TON Space, developed by The Open Platform (TOP), will be accessible to Telegram’s global user base starting in November without needing wallet registration. This offering extends the custodial Telegram wallet, which has already garnered three million registered users. 

The primary advantage of having a crypto wallet within Telegram is the potential to introduce a significant number of users, including unbanked populations in developing countries, to digital assets. Developers can manage the flow of digital assets through their projects via self-custodial wallets, opening up new possibilities for various applications and services.

Telegram is also promoting TON projects and partners by granting them priority access to its global advertising platform, aiming to facilitate the adoption of decentralized apps.

While Signal, another encrypted chat app, has a crypto payments solution through a third-party partner, MobileCoin, TON Space and Signal’s offerings cater to different user bases, with the former emphasizing community and social interaction within its crypto ecosystem.

Toncoin (TON) 27% Weekly Price Surge Signals A Shift In Market Sentiment

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Toncoin has taken center stage as it emerges as the weekly gainer, boasting a remarkable 27% surge in price, reaching a resistance level at $1.92. The cryptocurrency market witnessed this dramatic shift on Sep 1st, when Toncoin’s price managed to break free from the clutches of a long-standing resistance trendline that had been suppressing its value for a staggering eight months, hovering around the $1.95 threshold. 

This breakout marks a significant milestone, signaling a potential shift in market sentiment from selling during rallies to embracing the strategy of buying during price dips.

Source: coinmarketcap

Amidst TON’s impressive ascent, the spotlight has once again turned towards Telegram-bot tokens, reigniting interest in the close association between the TON Network and the messaging behemoth, Telegram. 

This newfound attention has resulted in a substantial surge in TON’s value, all while the broader cryptocurrency market grapples with its characteristic volatility.

TON has rapidly become the talk of the crypto world, with its meteoric rise drawing attention to Telegram-bot tokens, bringing to light the historical ties between the TON Network and the pioneering instant messaging platform, Telegram. 

The crypto community has long admired Telegram for its innovative forays into blockchain technology. Toncoin’s origins trace back to the “Telegram Open Network” (TON) project, which, after facing legal obstacles, underwent a rebranding in 2020 as “The Open Network.”

In recent months, TON has witnessed a notable surge in investor interest, evident from on-chain data and the Santiment TON Social Dominance chart, which recorded a significant spike in June 2023. Its heightened attention has played a pivotal role in driving TON’s price upwards.

Source: santiment

Toncoin (TON) Price Prediction

While the crypto market continues to be volatile and unpredictable, recent Toncoin price forecasts are optimistic. Analysts predict an 11.92% increase in value, with Toncoin expected to reach $2.09 by Sep 5th, 2023. 

Technical indicators point to an 81% bullish sentiment surrounding Toncoin, while the Fear & Greed Index currently registers a score of 40, indicating a cautious “fear” sentiment among investors.

Toncoin’s recent performance and its association with Telegram have certainly captured the crypto community’s attention. Well, all eyes remain on Toncoin, eager to witness whether this bullish momentum can be sustained in the coming weeks and months.

Related Reading | Solana Sparks Unity: Crypto Leaders Advocate Collaboration For Brighter Future

Weekly Market Watch: Bitcoin & ETH Lose Momentum While Toncoin (TON) Sets As Weekly Gainer

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After the consumer price index disclosure, the past seven days have been promising for the cryptocurrency market, including the two leading coins, Bitcoin (BTC) and Ethereum (ETH), which rose toward their key marks with significant gains. However, the gains were short-lived, and by the end of the week, the market had reversed all of them.

The CPI gained merely 0.1% from the previous month, as opposed to the expected increase of 0.3%. Predicted price increases for November were lower than expected, signaling an easing of the spiraling inflation in the crypto-economy. 

Nevertheless, while all cryptocurrencies are currently experiencing a decline with major losses in both daily and weekly charts, Toncoin (TON) has grown significantly over the past week.

Source: Tradingview.com

According to CoinMarketcap’s statistics, TON “The Open Network” coin is currently trading at $2.68, an increase of 5% in the last 24 hours and a significant gain of about 35% in the previous seven days.

The TON coin differs itself as a top weekly gainer. In contrast, popular coins are experiencing significant losses in weekly charts, including Litecoin, with a loss of 15%, and ApeCoin (APE), with a loss of 20%. 

Additionally, Filecoin (FIL) with a loss of 28.60%, Trust Wallet Token (TWT) in the lead with a loss of 36.85% in the weekly chart, and many others.

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

As Tronweekly previously reported, the CPI report was released on November 13th – this fueled investor optimism about a potential economic recovery that would also increase cryptocurrency values again.

Source: Tradingview.com

According to Coinmarketcap’s data, Bitcoin (BTC) marked a daily high at $18,318.53 on December 14th, which was last seen at the start of November. Similarly, on the same day, Ethereum (ETH) hit a daily high at $1,346.17, which was also last seen on November 10th. 

But unfortunately, Both of them lost their momentum as the week’s conclusion drew near and dropped to their spot levels with notable losses in both the daily and weekly charts. According to the statistics, on December 17th, ETH dropped to $1,165.41 and Bitcoin to $16,800.59.

Source: Tradingview.com

Currently, Bitcoin is trading at $16,743.87, down around 2% over the previous seven days, and ETH is trading at $1,182.49, down 6% over the same period.

The market fell, and all of the profits were lost following the December 16th report by Treasury’s Financial Stability Oversight Committee, which noted that “FTX is a shock to that market,” and the bankruptcy emphasizes their’s concern about cryptocurrencies.

In light of this, the committee requested that Congress enact legislation enabling American authorities to oversee spot markets for crypto assets that aren’t securities.

Why Is Toncoin (TON) Spiking? Analysis Of The Seven-Day Chart

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A bullish trend is now erupting for Toncoin (TON), which has broken over two significant resistance levels, from $2.10 on December 12th to $2.30 today. Near $2.40 is where the next resistance can be observed.

According to the data from the CoinMarketcap, Toncoin (TON) has grown significantly over the past week, by over 30.62%, and noticeably during the past day, by about 15%. Additionally, the token is currently trading at $2.35.

In 2018, the encrypted messaging service Telegram created Toncoin (TON), a decentralized layer-1 blockchain that was named “Telegram Open Network.” After being abandoned, the TON Foundation took up the project and changed the name to “The Open Network.”

Source: Tradingview

In the past few weeks, TON’s price has been rising. TON climbed significantly after establishing a baseline over the $1.60 mark. After breaking above the $1.85 resistance area and settling above the 50-day simple moving average, the price began to build momentum.

The bulls are moving higher and closer to the $2.40 region. More gains might be seen in the direction of the $2.50 and $2.65 levels if the bulls manage to move upward. Otherwise, it may begin a downward correction and return to the $1.85 support region during the next several days.

However, Toncoin (TON) is one of the top cryptocurrencies right now, leading the market in weekly gains. The CoinMarketcap’s data shows that the market valuation of TON rose by 15.92% during the past day, while its 24-hour trading volume increased by 13.47%.

Growing Trends Of Toncoin (TON)

TON Blockchains are becoming more and more popular these days. According to TON’s Weekly Digest, TON-based anonymous number sales were introduced by Telegram. In addition, Cryptomuscom implemented support for TON, and DefiLlama also began monitoring it.

The +888 virtual numbers have been listed for sale on the $TON blockchain as collectibles by the Telegram messenger team. Users may access Fragment.com and experience the highest privacy by logging in with TON blockchain-powered anonymous numbers.

The CEO of Telegram, Durov, previously worked on creating Fragment, a platform that utilizes TON and enables users to sell off their names. Durov thinks the new items will take the same amount of time to complete as Fragment did, which took the team five weeks.

After that, Durov recently announced that:

Telegram’s next step is to build a set of decentralized tools, including non-custodial wallets and decentralized exchanges for millions of people to securely trade and store cryptocurrencies. This way we can fix the wrongs caused by the current excessive centralization.

Nevertheless, TON’s today’s rise can be attributed to its most recent announcement that users may now utilize the other three decentralized exchanges on TON in addition to upcoming Telegram’s own $TON-based DEXs to trade their tokens and many others.

Related Reading |  Binance’s CZ Responds To Withdrawals Surge Amidst Investors’ Concern

Telegram Rolls Out Crypto Payments via Toncoin (Ton)

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Telegram, a famous instant messaging service, has now included crypto payment capability, according to the Ton (Telegram Open Network) Foundation. The Ton token may be used to make crypto payments on Telegram.

Thanks to the crypto payment option, the messaging platform’s 550 million users have now been exposed to blockchain technology and cryptocurrency.

Users must first download and install Telegram’s official Wallet bot in order to utilize the crypto payment function, which allows them to buy cryptocurrencies with a bank card, trade them, and send them to other wallets.

Now send crypto via Telegram

According to the firm, users may send Bitcoin (BTC) or Toncoin to other users by clicking on the “Wallet” sign-in direct messaging.

The TON Foundation claims that the goal is to make transmitting Toncoin seems like sending a text message. The bot has already been used by 800,000 accounts, according to the business.

“We expect this functionality to expand into consumer-to-business payments, allowing users to quickly purchase products and services by sending toncoin using the bots.”

According to the foundation

According to the announcement, users will no longer have to input long wallet addresses or wait for confirmations.

The social media behemoth Twitter has a similar option, allowing users to tip with cryptocurrency. It does, however, rely on third-party payment providers like Jack Mallers’ Strike app.

According to the TON Foundation’s website, the Toncoin platform has processed over 52 million transactions and has over 486,000 wallets.

When the US Securities and Exchange Commission (SEC) halted Telegram’s $1.7 billion token issuances for an initial coin offering (ICO), the Toncoin token was created (ICO).

Telegram abandoned the TON crypto project in August 2020 after being sued by the US Securities and Exchange Commission (SEC).

However, the corporation has now overcome its obstacles and is able to keep its commitment. The group just collected $1 billion in TON from its users to promote its ecosystem.

Telegram Open Network was developed in 2017 with a proof-of-stake mechanism to enable decentralized services such as decentralized storage, anonymous networks, DNS, rapid payments, etc.