Huge Surge from Toncoin Could Result in Record High

Toncoin is about to hit a record high as it surges alongside several other cryptocurrencies today but could pull back after FOMC meeting.

Written by: Timothy St. John • Wednesday, June 12, 2024 • 2 min read

• Last updated: Wednesday, June 12, 2024

Toncoin (TON) is about to hit a new high as it climbed by 9.64% over the last day. That places the token at $7.51 (TON/USD).

The coin is now very close to its all-time high of $7.78, which it achieved eight days ago. It could easily break its record later today as the price continues to soar.

The crypto market is bullish right now, with Toncoin coming ahead as one of the top gainers. Over the last 24 hours, Toncoin transactions have totaled more than $311 million.

Toncoin has managed to climb the cryptocurrency rankings very quickly over the past few months, with one surge after another. Operating on the Open Network as a layer-1 blockchain currency, Toncoin is incredibly popular and ranking as the #9 crypto token by market cap.

Will the Crypto Market Stay Bullish?

We are definitely seeing the beginnings of a bullish trend across the crypto market today, with Bitcoin gaining back much of its recent losses and doing so very quickly. Toncoin has surprised with its recent surge and could move up the ranks very soon with its recent win.

Today’s FOMC meeting will help investors figure out where the markets might be headed and shed some light on when interest rate cuts could be coming. Today’s report on the US Consumer Price Index showed that it rose to 3.3% from 3.4%, slightly above expectations.

Depending on what the FOMC meeting reveals, we may see some pullback on Bitcoin, Toncoin, and the wider crypto market later today, but for now, there is a strong bull trend that should carry Toncoin to a new record high and help lift the larger crypto market.

We may also see a boost for the market from Ethereum. As it inches closer to $4,000, the token is likely to draw in more outside interest. Bitcoin too should attract more widespread attention for the market as it nears a new record high above $73,750.

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ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.