Building on a strong November, Toncoin (TON) extended its bullish run this week. But the rally has faced significant resistance as investors turned to caution.
As a result, Toncoin has witnessed a sharp decline in wallet profitability, with only 65% of addresses now in profit – a stark drop from the 90% peak recorded just a week ago.
The latest IntoTheBlock data indicates that 25% of Toncoin wallets are currently at a loss, while 11% remain at breakeven. This shift highlights the recent turbulence in Toncoin’s market price, affecting profitability for many holders.
Ownership trends revealed that the majority of Toncoin holders – 85% – have held the coin for less than a year, with 12% acquiring it within the past month. Long-term holders, those holding the asset for over a year, account for only 3%, suggesting the dominance of short-term traders in the Toncoin ecosystem.
Meanwhile, trading activity also depicted an interesting geographic pattern, with 61% of Toncoin transactions occurring during Western trading hours, leaving 39% during Eastern hours. Over the past week, the network saw over $51.97 billion worth of high-value transactions exceeding $100K.
Despite this strong activity, Toncoin’s price has dipped 8.41% over the past 24 hours, now trading at $5.93. The cryptocurrency’s market capitalization currently stands at $15.12 billion. Meanwhile, trading volume surged 142%, reaching $779.6 million, pointing to sustained market interest despite the challenges posed by recent fluctuations.
Besides, CryptoQuant analysts suggest that the cryptocurrency could see a meaningful rally and even reclaim its previously established peak based on ” strong fundamentals, including an active development team and an active network.”
The post Toncoin (TON) Wallet Profitability Dips as Market Volatility Increases appeared first on CryptoPotato.
As a result, Toncoin has witnessed a sharp decline in wallet profitability, with only 65% of addresses now in profit – a stark drop from the 90% peak recorded just a week ago.
The latest IntoTheBlock data indicates that 25% of Toncoin wallets are currently at a loss, while 11% remain at breakeven. This shift highlights the recent turbulence in Toncoin’s market price, affecting profitability for many holders.
Ownership trends revealed that the majority of Toncoin holders – 85% – have held the coin for less than a year, with 12% acquiring it within the past month. Long-term holders, those holding the asset for over a year, account for only 3%, suggesting the dominance of short-term traders in the Toncoin ecosystem.
Meanwhile, trading activity also depicted an interesting geographic pattern, with 61% of Toncoin transactions occurring during Western trading hours, leaving 39% during Eastern hours. Over the past week, the network saw over $51.97 billion worth of high-value transactions exceeding $100K.
Despite this strong activity, Toncoin’s price has dipped 8.41% over the past 24 hours, now trading at $5.93. The cryptocurrency’s market capitalization currently stands at $15.12 billion. Meanwhile, trading volume surged 142%, reaching $779.6 million, pointing to sustained market interest despite the challenges posed by recent fluctuations.
Besides, CryptoQuant analysts suggest that the cryptocurrency could see a meaningful rally and even reclaim its previously established peak based on ” strong fundamentals, including an active development team and an active network.”
The post Toncoin (TON) Wallet Profitability Dips as Market Volatility Increases appeared first on CryptoPotato.
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