Toncoin surging, investors exploring altcoin alternative
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Despite a relatively flat 24 hours for crypto, Toncoin has enjoyed a significant run, increasing by 13.28%. Currently, TON is priced at $2.38 with a $8.2 billion market cap. Another altcoin making waves in Bitcoin Minetrix, a newly launched crypto mining token that is gathering momentum as its presale nears $8.5 million.
TON pumps as user base expands
While the exact catalyst behind Toncoin’s recent pump remains unclear, one driving factor could be a recent blog post by the Toncoin team.
There, they explained that a Toncoin protocol, Notcoin, recently surpassed 4 million users after its main official version launched at the start of 2024.
This highlights a notable benefit of Toncoin in its link to Telegram and the ease that users can join the network. According to its website, Toncoin is a “decentralized and open internet, created by the community using a technology designed by Telegram.”
Launching on Telegram provides the network and its dapps with access to a massive, untapped audience, enabling them to grow much faster.
These benefits, plus its recent price action, have led to exciting predictions from analysts. Hash414 states that now is the “time to accumulate” TON as it trades within an ascending triangle.
Meanwhile, Alex Clay speculates that Toncoin is an “easy 5x” as it retests its weekly time frame resistance.
“Keep accumulating on weekly timeframe. Breakout will be legendary,” he writes.
According to the analyst, Toncoin will push to $9 once it breaks above the $2.8 resistance level.
That said, traders are also skeptical about Toncoin as its trading volume remains low compared to its market cap. This indicates shallow liquidity and means it may risk price manipulation.
Currently, TON is the 15th largest crypto by market cap but just the 65th largest by 24-hour trading volume.
Toncoin holds a large market cap of $8.2 million, meaning newer projects with more upside potential could outpace its trajectory.
One high potential, low market cap crypto that could outperform Toncoin is Bitcoin Minetrix, a newly launched protocol enabling users to mine Bitcoin effortlessly.
Bitcoin Minetrix presale hits $8.4 million
Bitcoin Minetrix is a stake-to-mine protocol enabling users to receive Bitcoin.
It is currently undergoing a presale, having raised over $8.4 million so far.
Its early momentum is mainly due to its use case, empowering users to mine Bitcoin without specialist hardware or technical expertise.
It works by users staking BTCMTX for Bitcoin mining credits, which they can burn for BTC cloud mining credits.
Another advantage to the project is that the decentralized and transparent nature of BTCMTX eradicates the risk of cloud mining scams, making it a safer alternative to existing cloud mining solutions.
As well as notable support from investors, leading market analysts like No Bs Crypto and ClayBro believe Bitcoin Minetrix is “the easiest way to mine Bitcoin.”
Leading media outlets like crypto.news are also backing the project
In the ongoing presale, BTCMTX is available for $0.0128.
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