Toncoin (TON) Crypto Overtakes the No. 9 Spot in Major Move Higher
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Toncoin (TON-USD) is making waves on Tuesday as the crypto has overtaken Cardano (ADA-USD) as the ninth highest token by market capitalization.
This is a major win for Toncoin and has investors in TON celebrating. That’s resulted in a 13.2% rally over the prior 24-hour period as of Tuesday morning. Additionally, the crypto has seen its trading volume jump by roughly 236% over that same period of time.
This has the market capitalization of Toncoin sitting at $23,274,334,381 as of this writing. To put that in perspective, ADA’s market capitalization is $21,344,531,502. Above Toncoin in the number eight spot is Dogecoin (DOGE-USD) at $27,273,455,966.
What’s Behind the Toncoin Rally?
Toncoin is among a category of altcoins that have been climbing higher recently. This comes as Bitcoin (BTC-USD) has continued to please crypto traders with its gains. This toes into TON’s movement as the crypto market is highly dependent on the price of BTC for its performance.
Toncoin is the crypto tied to TON. This is an open network that is connected to Telegram. The developers highlight it is a “decentralized and open internet, created by the community.”
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
