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Cryptocurrency News Articles
Toncoin (TON) Races into the Top 10 Ranked Crypto Assets by Market Capitalization
Sep 27, 2024 at 05:12 am
Having outperformed the broader altcoin market average growth in H2 2024, Toncoin has now raced into the top 10 ranked crypto assets by market capitalization.
Toncoin (TON) price is up over 250% since the beginning of the year, outperforming the broader altcoin market average growth in H2 2024. The TON coin price rally began to accelerate in the second half of 2023, following the launch of the TON blockchain mainnet.
Now, the Toncoin (TON) market capitalization has raced into the top 10 ranked crypto assets by market value. At the time on publication, TON is now valued above $14 billion, ranking 9th position, just behind Dogecoin (DOGE) which is now worth over $17 billion.
With a rapidly growing global ecosystem, and persistent bullish conviction observed among Toncoin bull traders, TON could be on the verge of overtaking DOGE in the coming months.
At the time of writing, Toncoin (TON) price is trading at $1.37, following a minor rejection at the $6 resistance, which has capped the TON rally for the past two weeks of trading activity.
Despite failing to breach the key resistance level, majority of active TON traders are still maintaining a positive conviction on that front, according to the latest crypto market analysis.
Toncoin Price Geared For DOGE Overtake
It is important to note that Toncoin price witnessed considerable gains, when Notcoin, a similar gaming project launched on Binance in May 2024.
The latest trading data observed in the Toncoin derivatives markets suggest bull traders are deploying an unusually high levels of leverage on LONG positions this week, in anticipation that the bullish pattern could reoccur as the HMSTR token launches on Binance and Crypto.com
Indicatively, the Coinglass Liquidation Map below depicts a real-time comparison of total active LONG leverage positions listed for a specific asset against active leverage deployed on SHORTs contracts.
According to the Coinglass Liquidation Map, bull traders are deploying $14 million in leverage on LONG positions, while traders betting on a bearish price movement are deploying $430,000 in leverage on active SHORTS contracts.
In other words, bull traders are deploying leverage on LONG positions at a rate of 33 times higher than traders betting on a bearish price movement, suggesting that majority of traders are expecting Toncoin price to continue rising.
CryptoSlate observed that traders betting on a bullish continuation are deploying unusually high leverage on LONG positions for several assets this week, including DOGE, TON, SHIB, GMT and SAND.
Traders are likely to be betting on a bullish price continuation for these assets, following the launch of several new tokens on major centralized cryptocurrency exchanges, including Binance and Crypto.com
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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