25.2 C
New York
Sunday, October 1, 2023

This unexpected rival to Bitcoin explodes +500% and reaches 9 billion Market Cap!

Must read

BitcoinBTC 0.0%and cryptocurrencies have been stuck in a nearly two-year bear market ( though that could change due to a massive earthquake on Wall Street ).

The price of bitcoin has fallen since hitting an all-time high of nearly $70,000 per bitcoin in late 2021, dragging down the broader crypto market. and forcing Binance CEO to issue ‘frank’ warning .

Today, toncoin, which is linked to the messaging application Telegram, the native cryptocurrency of the TON network that was almost killed by American regulators in 2020, has climbed into the top ten cryptocurrencies, which could prepare it for a confrontation with a rival supported by Elon Musk . .

Toncoin’s price is up 70% since this time last month, making its gains over the past two years 500%, with its latest surge fueled by news this week that the popular Telegram app has integrated a self-custodial crypto wallet, called Ton Space, giving toncoin access to Telegram’s 800 million users.

Toncoin now has a market capitalization of $8 billion and is a top ten cryptocurrency. However, it is still far from Bitcoin’s $500 billion market capitalization.

“This is a critical step forward for our entire industry,” Steve Yun, president of the Ton Foundation, said in a statement this week. “In Telegram, crypto use cases will finally find their users. »

Also read ByBit announces a new wave of layoffs for 2022, will the company survive?

“Telegram’s mission has always been to enable free speech, but speech transcends the digital age,” said John Hyman, Telegram’s chief investment officer. “We believe that users have the right to own their identity and assets. With Ton Space, users now have the technology to make it convenient. »

Telegram pulled back from developing rival cryptocurrency Bitcoin in 2020 after the US Securities and Exchange Commission (SEC) sued Telegram over its involvement in raising $1.7 billion through a so-called initial coin offering (ICO).

The SEC said the coin, called gram, offered to investors was an unregistered security. Telegram settled with the SEC, paying an $18.5 million fine and returning unused investor funds.

The Telegram Open Network was renamed The Open Network and was developed as an open source community project.

Source: The Blog

More articles


Please enter your comment!
Please enter your name here

Latest article