The crypto market could be entering another bullish phase. Bitcoin (BTC) is hovering just below $84,000 after its recent descent to the $77,000 level. The global crypto market cap has risen 0.1% in the last 24 hours to $2.86 trillion. Toncoin (TON) follows the market recovery as well. TON’s price has rallied 2% in the daily charts, 32.8% in the weekly charts, and 17.1% in the 14-day charts. Despite the rally, TON is down 6% over the previous month and 3.2% since March 2024.
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Toncoin Outperforms Larger Market
TON is currently the best-performing cryptocurrency among the top 100 projects in the weekly charts. The asset’s latest surge is likely due to Telegram founder Pavel Durov being allowed to leave France for Dubai. Durov was arrested in August last year for allegations of failure to moderate the Telegram platform.
The market-wide rally could be due to investors expecting a positive outcome in the FOMC meeting. Many anticipate a dovish outlook from the Fed. The Fed could introduce another interest rate cut. TON may continue to rally if rates are cut again.
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New All-Time High For The Asset
Toncoin (TON) hit an all-time high of $8.25 in June last year. The asset has fallen by 56.6% from its 2024 peak.
According to CoinCodex, TON will continue its upward momentum. The platform anticipates the asset to hit a new all-time high of $16.90 on Apr. 26. TON’s price will rally by 370.75% if it hits the $16.90 target.
If the Fed takes a hawkish stance with its monetary policy, TON may not rally as predicted. The asset could face a correction under such circumstances.
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