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As ether (ETH) prices rallied and bitcoin (BTC) fell during the early hours of the East Asia trading day, Toncoin (TON) outperformed the market, climbing almost 17% and displacing Cardano as the 10th-largest token by market capitalization. A trader on X said the token could be rallying due to positive ecosystem news. He said USDT on TON is expected to be announced at the Token 2049 conference in Dubai next week. The Ton Network was initially a spinoff from Telegram, with development starting as early as 2018. Telegram stopped work on the network in 2020 following legal action from the SEC, and several community members teamed up to run the project one year later. Bitcoin fell to $70,800, with traders expecting the price to range between $69,000 and $73,000. “Some liquidations will take place this week which shall test both resistance and support levels for a short term as we have seen this morning,” said Laurent Kssis, a crypto ETP specialist at CEC Capital. Kssis warned that the market might witness further downward pressure during the week following bitcoin’s halving later this month.
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