- TON has risen by more than 25% in the past seven days
- Thanks to these gains, Toncoin is now the ninth largest crypto asset on the market
Toncoins [TON] The price went through some major periods of depreciation about two weeks ago. However, it has since started to recover, with the altcoin actively making efforts to revisit its historic levels.
Thanks to these recent gains, Toncoin has now reclaimed its position among the market’s top crypto assets as measured by market capitalization – a sign of strong recovery. Furthermore, short-term holders are already seeing gains as the asset continues its upward trend on the charts.
Toncoin sees a strong recovery
An analysis of Toncoin’s daily price chart showed that it reached the highest level in almost three weeks during the last trading session.
The chart showed it rising to around $5.77, after rising 3.5% on September 13. This marked a significant recovery for Toncoin, which had recorded a steep decline of over 30% between August 24 and September 6.
Although assets have not yet fully recovered to their previous levels, the recent uptrend is still a sign of strong recovery.
Source: TradingView
At the time of writing, TON was trading around $5.8, up slightly under 1%.
The crypto assets had turned bullish as evidenced by the Relative Strength Index (RSI) moving above the neutral line. This indicated an increase in buying pressure in the TON market, something that could push the altcoin’s price even further.
Toncoin regains its position
An analysis of Toncoin’s market capitalization on CoinMarketCap revealed that it recorded a sharp decline as the price fell. In fact, Toncoin’s market capitalization fell from about $17 billion on August 24 to about $11.5 billion on September 5, dropping it from the top 10 cryptocurrency rankings.
However, with Toncoin’s price recently rebounding, its market capitalization registered a remarkable recovery. At the time of writing, Toncoin’s market capitalization exceeded $14.5 billion, moving it back to ninth position among the largest crypto coins on the market.
However, that’s not all. Toncoin also posted the highest gains among the market’s major assets over the past seven days, with gains of more than 25%.
TON holders profit again
Finally, an analysis of Toncoin’s 30-day market value to realized value (MVRV) revealed a positive recovery, following the recent price surge.
The MVRV fell below zero during the Toncoin price drop, reaching a low of -18%. This indicated that holders suffered losses of over 18% on average.
Source: Santiment
– Realistic or not, here is the market cap of TON in terms of BTC
However, thanks to Toncoin’s price recovery in recent days, the MVRV returned to positive territory.
At the time of writing, the MVRV was approximately 6.2%. This meant that holders now make an average profit of 6.2%.