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Toncoin Beats Bitcoin and Dogecoin in Bullish Market

The highest earning coin for Wednesday is Toncoin (TON), an underreported crypto with more than 11% gains today.

Cryptocurrency

As the bull market heats up for Wednesday, some of the top coins with the biggest gains are the usual suspects- Bitcoin (BTC) with a 5.65% increase and Dogecoin (DOGE) with a 10.75% increase. Taking up the top spot among the top twenty coins with a 11.75% increase, though, is Toncoin.

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This is a blockchain token used by Telegram that gained 35% more value after a new advertising campaign was announced for Telegram. The social messaging site Telegram shares half of all its revenue through Toncoin’s blockchain.

That advertising news broke this week and helped lift the coin up the charts. It is now ranked #15 by market capitalization and is trading $270 million over the last day. This coin has shot up unexpectedly, with its trade volume trending upward 462% since Tuesday.

Toncoin and the Bullish Trend

Part of the success of Toncoin is due to the bull market that is happening right now. Bitcoin is inching closer to its all-time high level, and Ethereum (ETH) is up more than 13% for the week so far. The entire market is being lifted by an improving economy and Bitcoin’s strong performance.

Bitcoin surged this week after it was discovered that millions of dollars in Bitcoin were being privately held in a single wallet. Toncoin is riding the wave of investor enthusiasm that followed that announcement. This will likely all die down soon, though.

We have seen Toncoin spike today way out proportion to where it had shot up to in the past month. The coin managed an incredible climb in August and September of last year, so this is not unprecedented. The coin managed to keep most of its gains after climbing 115% in that time.

 

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ABOUT THE AUTHOR See More
Timothy St. John
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.
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