The cryptocurrency market, which experienced a strong rally on Tuesday, has once again entered a downturn this week. As the leading cryptocurrency BTC dropped below $26,000, most altcoins have suffered significant losses in recent days. However, amidst the market decline, Toncoin (TON) has continued to rise and stands out with a gain of nearly 30% in the past week.
Market Update
Bitcoin (BTC), the leading cryptocurrency that dropped to levels around $25,400 during the week and started the weekend with further losses, has not yet surpassed the $26,000 levels despite a temporary rebound during the day. Due to the impact of BTC’s losses, most altcoins in the cryptocurrency market have experienced significant declines in recent days.
Ethereum (ETH), which reached levels of $1,740 on Tuesday, declined to around $1,630 during the week due to the losses it recorded. The total market value of the crypto industry also retreated to around $1.04 trillion on the first day of September, according to CoinMarketCap (CMC) data.
Nearly 30% Surge in Value
Most altcoins in the cryptocurrency market have suffered significant losses as Bitcoin dropped below $26,000. However, some cryptocurrencies have continued to rise and stand out from the market’s downward trend.
Despite a temporary downturn during the day, Toncoin (TON) has recorded an increase in value of nearly 30% in the past week and started trading around $1.87 after reaching levels of $1.94 during the week.
With its recent value increases, Toncoin (TON) ranked among the top-performing cryptocurrencies in the highest 100 market cap cryptocurrencies, according to CMC data. Additionally, following the recent surge, Toncoin’s market value reached $6.4 billion, propelling it to the 11th position in CMC’s market cap rankings.
