Toncoin surges 25% in a week to leave TON holders 6.2% in profit and…
Toncoin is up again, but can it capitalize on its recent gains this time?
- TON has gained by over 25% over the last seven days
- Thanks to these gains, Toncoin is now the market’s ninth-largest crypto asset
Toncoin‘s [TON] price saw some major bouts of depreciation about two weeks ago. However, it has since started recovering, with the altcoin actively making an effort to revisit it historical levels.
Owing to these recent gains, Toncoin has now reclaimed its position among the market’s top crypto assets by market capitalization – A sign of strong recovery. Also, short-term holders are already seeing profits in light of the asset continuing its uptrend on the charts.
Toncoin sees strong recovery
An analysis of Toncoin’s daily price chart revealed that it reached its highest level in nearly three weeks during its last trading session.
The chart showed that it rose to around $5.77 after a 3.5% hike on 13 September. This marked a significant recovery for Toncoin, which had recorded a steep decline of over 30% between 24 August and 6 September.
Now, while the asset has not fully rebounded to its previous levels yet, the recent uptrend is still a sign of strong recovery.
At the time of writing, TON was trading at around $5.8, with a slight hike of less than 1%.
The crypto-asset had flipped bullish, as reflected by its Relative Strength Index (RSI) crossing above the neutral line. This pointed to a hike in buying pressure across TON’s market, something that can help push the altcoin’s price even higher.
Toncoin regains its position
An analysis of Toncoin’s market capitalization on CoinMarketCap revealed that it noted a sharp decline as its price dropped. In fact, Toncoin’s market cap fell from approximately $17 billion on 24 August to around $11.5 billion by 5 September, causing it to drop out of the top 10 cryptocurrency rankings.
However, with Toncoin’s price rebounding recently, its market capitalization registered a notable recovery. At press time, Toncoin’s market cap stood at over $14.5 billion, propelling it back to ninth position among the market’s biggest cryptos.
That’s not all though. Toncoin also recorded the highest gains among the market’s top assets over the last seven days, with gains of over 25%.
TON holders back in profit
Finally, an analysis of Toncoin’s 30-day Market Value to Realized Value (MVRV) revealed a positive recovery, following its recent price hike.
The MVRV dropped below zero during Toncoin’s price decline, hitting a low of -18%. This indicated that holders were seeing losses of over 18% on average.
– Realistic or not, here’s TON market cap in BTC’s terms
However, thanks to Toncoin’s price recovery over the last few days, the MVRV moved back into positive territory.
At the time of writing, the MVRV stood at approximately 6.2%. This meant that holders are now, on average, 6.2% in profit.
