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Binance, Toncoin shed gains: A rough start to the week for top cryptos

2min Read

Despite starting the week with a decline, BNB and TON have bounced back, but it remains to be seen what happens next.

Binance, Toncoin shed gains: A rough start to the week for top cryptos

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  • BNB and TON declined by over 3% in the previous trading session.
  • The assets have seen an increase in the current trading session.

The weekend saw a positive close for many major cryptocurrencies, including Bitcoin [BTC] and top-ten assets like Binance Coin [BNB] and Toncoin [TON], all of which experienced gains.

However, this uptrend proved short-lived, as the onset of the new week brought a downturn, reversing the previous gains and sending these assets into the red. 

Binance and Toncoin start the week in red

According to data from CryptoRank, all top-ten cryptocurrency assets closed in the red on the 7th of July, with BNB and TON recording the steepest declines among their peers.

BNB saw a decrease of 3.79%, while TON followed closely with a decline of 3.69%.

How Binance has trended

The recent price movements of BNB on a daily time frame indicated significant volatility. 

Starting on the 3rd of July, BNB experienced a series of declines, beginning with a 4% drop to approximately $556.

The following day, the decline intensified, with a drop of over 7%, and on the 5th of July, BNB’s price decreased by an additional 3%.

By the end of these successive declines, BNB’s price had fallen to around $498.

Subsequently, there appeared to be a glimpse of recovery as BNB’s price increased by over 5%, briefly pushing it back into the $500 price region.

However, this gain was short-lived; by the 7th of July, the start of the new week, BNB had fallen by 6.73%, bringing the price down to approximately $490.

Binance price trend

Source: TradingView

At the time of this writing, BNB was trading at around $500, with a modest increase of 2%.

At the end of the trading session, whether this represented a genuine recovery or another false hope of rebound would be determined.

How Toncoin has trended

The price trend of Toncoin on a daily time frame also exhibited notable volatility, mirroring the movements observed in Binance Coin, as noted in AMBCrypto’s analysis.

TON’s price began its decline on the 3rd of July, dropping by 2.73% to around $7.8. The most significant decline occurred on the 4th of July, with a sharp drop of over 9.7%, bringing the price down to $7.1.

Despite these declines, Toncoin managed a brief recovery by the 6th of July, ending the week with a nearly 5% increase, trading at about $7.5.


Read Toncoin’s [TON] Price Prediction 2024-25


However, the start of the new week reversed these gains, with an almost 7% decline taking its price back down to around $7. 

Toncoin price trend

Source: TradingView

As of the latest update, Toncoin was trading at approximately $7.1, with a modest increase of over 1%.

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Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations. Besides working on insightful articles that touch upon the crypto-space's hottest issues, he finds joy in supporting Manchester United and Afrobeat music.
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