- Toncoin reaches a new high, surpassing $8, driven by increased user activity.
- Tether defends stability amid regulatory scrutiny, emphasizes compliance
The global crypto market started the weekend with a bearish trend, seeing its market cap dip to $2.42 trillion—a 0.74% decrease over the past day. In contrast, the total crypto market volume over the last 24 hours rose by 3.13%, reaching $71.94 billion. Bitcoin’s dominance slightly decreased to 54.05%, a 0.12% drop from the previous day.
Moreover, in the past 24 hours, major cryptocurrencies have faced notable declines. Bitcoin hit a four-week low of $65,049, while Ethereum dropped to a 25-day low of $3,362. Meanwhile, Tether and Toncoin have emerged as trending tokens in the crypto market this week. Tether’s increased adoption across platforms like Binance, Bitget, ByBit, and KuCoin, and Toncoin’s price surge above $8, coupled with the upcoming launch of TapSwap on the TON blockchain, have been the focal points of discussion.
🗣️ As the weekend approaches and crypto sees a slight rebound, the top trending coins among social platforms are:
— Santiment (@santimentfeed) June 14, 2024
💰Tether: Increased usage and adoption across Binance, Bitget, ByBit, and KuCoin
🪨Toncoin: Price surge above $8 and upcoming launch of TapSwap on the TON blockchain pic.twitter.com/gefjt739P6
Toncoin and Tether – Stars Of The Week?
Toncoin (TON) reached a new record high of $8.01 on June 14, 2024, surpassing previous levels. Investors and traders keenly observe TON’s price movement, speculating whether its momentum could push it to $10. This surge has propelled TON’s market cap to $19.06 billion, positioning it as the 9th largest cryptocurrency according to CoinMarketCap.
The rise in Toncoin’s user activity has significantly contributed to its price surge. Also, On-chain data reveals that the Toncoin blockchain network has outperformed Ethereum in terms of unique daily active addresses for ten of the past twelve days in June.
Meanwhile, In a recent statement on X , Paolo Ardoino, CEO of Tether, highlighted the pivotal role of the USDT stablecoin in boosting global demand for U.S. dollars. Ardoino emphasized that by providing a digital version of the dollar, Tether serves over 300 million people worldwide, particularly in economically unstable regions. Addressing growing scrutiny from U.S. regulators towards stablecoins, Ardoino responded to comments made by Ripple CEO Brad Garlinghouse, suggesting competitive motives behind such remarks.
He defended Tether’s compliance efforts: “Our rigorous compliance measures and strong liquidity reserves ensure that USDT remains a reliable and stable digital currency.”
