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Toncoin up 11%: Telegram-backed TON continues to rise as number of wallet holders increase

By Alara Jordan

Edited by Charlie Mellor

12:45, 13 December 2022

Toncoin native token
TON has witnessed a bullish sentiment but its price is still down more than 50% from its all time high in 2021 – Photo: Shutterstock

Telegram-backed cryptocurrency toncoin (TON) has rallied significantly in the past few days as the number of wallet holders continues to increase.

TON witnessed a bullish outbreak in the past 24 hours as it surpassed the $2 mark and pushed past its resistance level of $1.80. 

At the time of writing, TON was trading at $2.31 and is up more than 11% in the last 24 hours. The price, however, is down by more than 50% from its all time high of $5.84 on 12 November 2021.

BTC to USD

TON’s rally comes at a time when the wider cryptocurrency market has experienced extreme volatility. Bitcoin (BTC) has regained a bullish sentiment in the last few hours, increasing by more than 1% within 5 minutes before plunging down by 1% in the same timeframe.

ETH/USD

3,115.98 Price
-0.170% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

BCH/USD

492.05 Price
+3.430% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.50

DOGE/USD

0.15 Price
+0.300% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

XRP/USD

0.53 Price
-0.130% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

BTC broke past its resistence level of around $16,900 just 24 hours ago and, at the time of writing, is was trading at around $17,800. 

SafePal to support Toncoin

Toncoin was developed in 2018 as a decentralised blockchain to improve the status of transactions. It was created by Nikolai and Pavel Durov, founders of social media app Telegram, and was later handed over to the open Toncoin community which has been developing it ever since. 

The platform made headlines last month as popular hardware wallet SafePal announced it would be the first wallet to support the Toncoin blockchain and its native TON token before the end of the year, according to a company blog post. SafePal said:

“We are pleased to announce that SafePal will become the first case of native hardware wallet integration for TON. With this integration, TON users can store, send and receive Toncoin in a more secure and seamless way on the Open Network.”

The price of TON rose by around 8% following the announcement, and has since continued to maintain its support and resistence level around the $1.80 price point.

Markets in this article

BTC/USD
Bitcoin / USD
67245.60 USD
296.75 +0.440%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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