Despite the crypto market being in chaos in the starting days of July, Toncoin stood on business, making a fast recovery after Bitcoin dipped to $54k. Below, we will comprehensively explore its recent growth in 2024 and the factors behind it.
Toncoin Remains Strong Despite Market Downturn
Toncoin has emerged as one of the top cryptocurrencies with a fast recovery rate. Between the 4th and 5th of July, Bitcoin dropped to less than $54k, with the broader crypto market following in its footsteps. According to reports, the global crypto market valuation lost billions of dollars and decreased to around $1.98 trillion. However, Toncoin (TON) was one of the cryptocurrencies that made a great price recovery in the market.
Although the price dropped to as low as $6.53 on July 5th, it has made an incredible effort to recover, with the price currently at $7.14 at press time. Nevertheless, there’s still a long way to go, as the token still has more than a 5% deficit in its weekly chart, as well as a 2% deficit in the past 30 days.
While the market valuation has recovered to more than $18 billion, another thing that immediately catches the eye is the YTD growth. Toncoin has a massive 420% year-to-date growth, while even top cryptos like Bitcoin and Ethereum can’t boast of more than 100%.
Toncoin Records a Massive 420% YTD Growth – What’s Behind This Growth?
According to data from CoinGecko, Bitcoin only boasts of an 88% year-to-date growth, while Ethereum stands at a meager 63%. On the other hand, Toncoin is boasting of an incredible 420% growth year-to-date. Certain factors are driving this massive growth, and we will explore them below:
Growth in Toncoin TVL
Toncoin’s growth in its TVL is one of the significant factors contributing to the growth of this token. As of January 2024, the TVL of TON was less than $15 million. Fast forward to July 2024, the TVL of this token is now more than $690 million, according to data from DefiLlama. Apparently, this represents a massive 4500% increase from the start of the year. Subsequently, it denotes the increasing adoption of dApps, staking, and decentralized services that require the use of TON tokens.
Increase in Holders Address
When crypto traders start holding a particular cryptocurrency for a long period, it shows they hope for the token’s long-term future. The same is happening to Toncoin. According to data from IntoTheBlock, Toncoin saw a massive increase in the number of crypto traders holding onto the token for more than one year.
As of January 2024, Toncoin had less than 3,500 addresses holding the token for more than one year. However, as of July 7th, 4,200 addresses have been holding the token for more than one year. Moreover, the number of addresses holding TON between 1 to 12 months has also increased to over 14,700 addresses.
Conclusion
Toncoin has been one of the best-performing cryptocurrencies since 2024 and has started going as far as recording a year-to-date growth of more than 420%. In comparison to Bitcoin and Ethereum, they only had a YTD growth of 88% and 63%, respectively. The recent surge in Toncoin growth is attributed to two major factors: the increase in TVL and the growth of the number of holders. Many investors interested in this token will look forward to continued growth in 2024.
Cover Image from Microsoft Designer
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from cryptonewsbytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
