Toncoin (TON-USD) is making waves on Tuesday as the crypto has overtaken Cardano (ADA-USD) as the ninth-highest crypto by market capitalization.
This is a major win for Toncoin and has investors in TON celebrating. That has resulted in a 13.2% rally over the prior 24-hour period as of Tuesday morning. Additionally, the crypto has seen its trading volume jump by roughly 236% over that same period of time.
This has the market capitalization of Toncoin sitting at $23.27 million as of this writing. To put that in perspective, ADA’s market capitalization is $21.34 million. Above Toncoin in the number eight spot is Dogecoin (DOGE-USD) at $27.27 million.
What’s Behind the Toncoin Rally?
Toncoin is among a category of altcoins that have been climbing higher recently. This comes as Bitcoin (BTC-USD) has continued to please crypto traders with its gains. This ties into TON’s movement, as the crypto market is highly dependent on the price of BTC for its performance.
Toncoin is the crypto tied to TON. This is an open network that is connected to Telegram. The developers highlight that it is “decentralized and open internet, created by the community.”
Investors seeking out even more of the most recent stock market stories are going to want to stick around today!
We are offering up insight into all of the hottest market news worth reading about on Tuesday! A few examples include what’s happening with Super Micro Computer (NASDAQ:SMCI) stock, Kenvue (NYSE:KVUE) stock and Tilray (NASDAQ:TLRY) stock today. All of this news is available at the following links!
More Stock Market News for Tuesday
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- The 5 Biggest Buyers of Tilray (TLRY) Stock
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
