Toncoin went through a period of significant devaluation nearly a fortnight ago. However, it has since initiated a recovery phase, with the cryptocurrency actively striving to revisit its previous price levels.
As a result of these recent advancements, Toncoin has successfully reclaimed its spot among the leading digital assets in terms of market capitalization – indicating a robust comeback. Furthermore, short-term holders are already reaping profits as the asset continues its upward trajectory on the charts.
Toncoin Shows Resilient Recovery
A detailed examination of Toncoin’s daily price chart uncovered a considerable surge to its highest point in almost three weeks during its most recent trading session.
The data illustrated a climb to approximately $5.77 following a 3.5% increase on 13th September. This marked a notable recovery for Toncoin, which had witnessed a significant drop of more than 30% from 24th August to 6th September.
While the cryptocurrency has not entirely returned to its previous levels yet, the recent uptrend is a positive indication of its resilient recovery.
As of the current moment, TON is exchanging hands at roughly $5.8, displaying a minor increase of less than 1%.
The digital asset has exhibited a bullish shift, evident from its Relative Strength Index (RSI) crossing above the neutral line. This development suggests a rise in buying momentum within TON’s market, potentially propelling the altcoin’s value even higher.
Toncoin Reclaims Top Spot
An evaluation of Toncoin’s market capitalization on CoinMarketCap revealed a sharp decline corresponding to its price drop. Specifically, Toncoin’s market cap plummeted from roughly $17 billion on 24th August to around $11.5 billion by 5th September, causing it to slip out of the top 10 ranks of cryptocurrencies.
Nevertheless, with Toncoin’s recent price rebound, its market capitalization demonstrated a significant recovery. At the time of reporting, Toncoin’s market cap exceeded $14.5 billion, propelling it back to the ninth position among the largest cryptocurrencies in the market.
Moreover, Toncoin recorded the highest percentage gains among the top digital assets over the past week, with an increase exceeding 25%.
TON Investors Witness Profitable Returns
Lastly, an analysis of Toncoin’s 30-day Market Value to Realized Value (MVRV) displayed a positive comeback following its recent price surge.
The MVRV had fallen below zero amid Toncoin’s price decline, reaching a low of -18%. This signified that investors were facing an average loss exceeding 18%.
However, with Toncoin’s price recovery in recent days, the MVRV transitioned back into positive territory.
Currently, the MVRV stands at approximately 6.2%, indicating that investors are now enjoying an average profit margin of 6.2%.