- TON has surged by over 25% in the past week
- As a result of these gains, Toncoin has ascended to become the ninth-largest cryptocurrency by market capitalization
Toncoin’s [TON] value experienced significant declines approximately two weeks ago. However, it has begun to rebound, with the altcoin actively striving to return to its historical price levels.
Due to these recent improvements, Toncoin has reclaimed its status among the leading cryptocurrencies by market cap – indicative of a robust recovery. Additionally, short-term investors are now witnessing profits as the asset maintains its upward trajectory on the charts.
Toncoin experiences solid recovery
A review of Toncoin’s daily price chart indicated that it hit its highest value in nearly three weeks during its latest trading session.
The chart illustrated that it climbed to around $5.77 after a 3.5% increase on 13 September. This constituted a noteworthy recovery for Toncoin, following a significant decline of over 30% from 24 August to 6 September.
While the asset has not fully regained its prior levels, the recent upward trend remains a clear indicator of a strong recovery.
Source: TradingView
At the moment, TON is trading at approximately $5.8, showing a minimal increase of less than 1%.
The cryptocurrency has shifted to a bullish trend, as evidenced by its Relative Strength Index (RSI) moving above the neutral line. This suggests an increase in buying pressure in TON’s market, potentially aiding in further price escalation for the altcoin.
Toncoin regains its standing
An evaluation of Toncoin’s market capitalization on CoinMarketCap disclosed that it faced a sharp downturn as its value fell. Specifically, Toncoin’s market cap dropped from roughly $17 billion on 24 August to about $11.5 billion by 5 September, resulting in a fall from the top 10 cryptocurrency rankings.
However, with the recent rebound in Toncoin’s price, its market cap has shown a significant recovery. Currently, Toncoin’s market cap exceeds $14.5 billion, reinstating it to the ninth position among the largest cryptocurrencies.
Moreover, Toncoin has achieved the highest returns among the leading assets in the past week, with gains of over 25%.
TON holders back in the green
Lastly, a review of Toncoin’s 30-day Market Value to Realized Value (MVRV) indicated a positive recovery following the recent surge in its price.
The MVRV had dipped below zero during Toncoin’s value decrease, reaching a low of -18%, signifying that investors were experiencing losses greater than 18% on average.
Source: Santiment
– Whether realistic or not, here’s TON market cap expressed in BTC terms
Thanks to Toncoin’s price recovery in recent days, the MVRV has returned to positive values.
As of now, the MVRV is approximately 6.2%. This indicates that holders are now, on average, experiencing a profit of 6.2%.
