coinjournal.net
- Toncoin ($TON) price rose more than 17% to hit a new all-time high
- $TON reached highs of $6.27 on Monday as Bitcoin jumped above $72,000.
- Can $TON hit $10 this week?
Toncoin ($TON) is one of the altcoins to post huge gains on Monday as the cryptocurrency market savoured Bitcoin’s swift surge to above $72,000.
The $TON token rose more than 17% in 24 hours to hit a new all-time high of $6.26. Data from CoinGecko shows the price of Toncoin is up more than 120% in the past 30 days.
Today’s upside followed Bitcoin’s uptick that unsurprisingly lifted most altcoins, including Ethereum that traded to above $3,600 for the first time in two weeks.
As the altcoin market heats up for a potential vertical push, investors confident in what’s driving $TON price higher are eyeing greater returns. In the past 24 hours, this outlook has seen Toncoin’s trading volume reach $433 million, an increase of more than 243%.
$TON’s market cap has as a result of the spike in activity increased to $21.62 billion. Toncoin is just behind Cardano (ADA) in terms of market capitalization at the time of writing. According to CoinGecko data, 10th-ranked Cardano is currently at $21.64 billion.
Another upward roar for $TON bulls could see the cryptocurrency flip Cardano as it enters the top 10 cryptocurrencies by market cap. $TON in price discovery could surge to the psychological $10 mark.
Why is $TON price up today?
While Toncoin has rallied amid the broader bullish sentiment in the crypto market, a number of catalysts have helped push $TON higher in recent weeks.
Among these factors have been Telegram’s launch of a revenue system for channel owners, with the ad sharing payouts in $TON. The Ton Foundation also unveiled a rewards program offering up to $115 million to the community.
The $TON token also surged amid sentiment around Telegram’s IPO.
This week’s gains come as Toncoin developers and contributors announced plans to distribute 1 million $TON to participants in a new initiative. As $TON blockchain shared via X on Monday, a digital identity (ID) project is in place and voluntary participants will benefit from the giveaway in the next five years.