Toncoin outperforms major coins despite a turbulent week for the crypto market. The coin saw an increase of over 14% on the week, bringing huge gains to traders. Toncoin is currently trading at $1.44 per coin, up 4.68% over the last 24 hours.
Toncoin’s gains also extend to BTC and ETH as it is seeing a significant price advantage over both cryptos. More recently Telegram announced the near completion of its username auction marketplace. The announcement also mentioned that the marketplace would use Ton’s blockchain infrastructure. This bullish news helped push Ton’s price over 12% on the day.
Toncoin makes a bullish reversal to bag over 16% gains
TON’s price jump last Thursday came as a surprise to traders and users of the Ton blockchain. It traded in the red and touched $1.22 midday. However, it quickly reversed and jumped to $1.39. After gaining 13.93%, it closed the day at $1.35.
This surge comes at a time when the cryptocurrency market as a whole has been performing poorly. For the first time this month, the total cryptocurrency market cap is already below $920 billion. It could even drop below $910 billion by the end of the day.
Bitcoin, the world’s first crypto, also fell below $19,000 this week. On Friday, bitcoin fell to $18,811.51, down 1.25% from the previous day. While still trading in the red, it has climbed to $19,000. Specifically, it is trading at $19,318 at press time, down 0.72% from the previous day. Ethereum also had a bloody week, although it recovered some losses today. On Friday, one unit of ether was worth $1,278. This was down 1% from its early morning price of $1,292. Luckily, it is trading at $1,348, up 1.34% over the 24-hour period. However, the fight is far from over.
Toncoin price is currently trading above $1.44. | Source: TONUSD price chart from TradingView.com
Toncoin’s partnership with Telegram drives the price higher
TON took to Twitter on October 21 announce its partnership with messaging app Telegram. As part of the partnership, both platforms will create a marketplace for auctioning custom usernames. A few weeks ago, Telegram founder and CEO Pavel Durov suggested offering distinctive and identifiable usernames. This will allow Telegram to buy and trade usernames on TON’s blockchain-based marketplace.
From what we can gather Telegram usernames, the platform for online auctions is about to be launched. It recommends buying the most valuable usernames and registering them in the immutable record of the TON blockchain.
This news was the main trigger for Ton’s price action, which resulted in a surge of over 16%. The number of trades has also increased by more than 380%. As Telegram plans to reserve and sell unique usernames, traders’ enthusiasm has increased. Telegram also recently unveiled TON-based functionality, paving the way for users to trade cryptocurrencies with each other.
Featured image from Pixabay and chart from TradingView.com
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