Toncoin (TON) Skyrockets by Double Digits, Bitcoin (BTC) Holds Steady at $84K (Weekend Watch)
Bitcoin’s price has exhibited a stable performance over the weekend, hovering around the $84,000 mark. Despite the overall cryptocurrency market experiencing a slight downturn, Toncoin has distinguished itself, buoyed by favorable news regarding Telegram’s founder, Pavel Durov.
BTC Stands Still at $84K
The past week has been marked by significant price volatility for Bitcoin, commencing with a sharp decline on Monday that saw its value drop by $6,000 to $80,000. Although the cryptocurrency initially managed to hold this level and rebound to $84,000, it struggled against bearish pressure, experiencing another setback on Tuesday when it plunged to a four-month low of less than $77,000.
Resilient bulls intervened, preventing further declines by propelling Bitcoin back above $80,000, allowing it to spike again to $84,000 by Thursday. Despite showing a positive trend influenced by favorable economic indicators, including the US CPI data for February, Bitcoin faced resistance at this level and achieved a brief surge past $85,000 on Friday, reaching heights not seen since the prior weekend. Since then, it has retraced slightly, maintaining its position around $84,000 for most of the weekend.
Currently, Bitcoin’s market capitalization remains just below $1.670 trillion, with its market dominance resting at approximately 59%.
TON on the Rise
In notable developments within the crypto community, Telegram’s founder, Pavel Durov, has gained attention after being released from an arrest in August 2024, with French authorities returning his passport. This news was announced by the TON Foundation, leading to a dramatic surge in Toncoin’s price, which skyrocketed over 20% immediately following the announcement. Although it has retracted slightly from its peak, Toncoin remains firmly in the green, showcasing double-digit gains.
Other cryptocurrencies have varied performances, with MNT also seeing a notable increase of 8% and AVAX rising by 3%. However, the broader altcoin market has experienced declines, with notable cryptocurrencies such as XRP, DOGE, LTC, and ADA all in the red.
The overall cryptocurrency market capitalization has decreased by around $30 billion since its recent peak and is currently estimated at below $2.840 trillion.
In summary, while Bitcoin has stabilized at around $84,000, the potential for continued fluctuations remains, and Toncoin’s recent surge reflects the dynamic nature of the cryptocurrency market in response to news and events.
