The crypto market continues to display volatility in September, with Toncoin (TON) falling 7% in the past 24 hours.
TON is now hovering around the $2.33 level – and investors are now pondering whether this is just a minor pullback or a sign of a deeper correction.
Meanwhile, emerging crypto Bitcoin BSC (BTCBSC) continues to defy the bearish sentiment, raising $4 million in its ongoing presale event.
Toncoin Pulls Back After Impressive Price Rally
Toncoin has been one of the top gainers in the crypto market over the past month, rising 86% since August 19.
The coin’s performance has been made even more impressive, considering the broader crypto market has remained in a downtrend over this period.
While Bitcoin and Ethereum have struggled to make any significant headway, Toncoin has continuously posted higher highs and higher lows – indicative of a strong uptrend.
However, over the past 24 hours, Toncoin has slid by 7%, retreating from Tuesday’s high of $2.59.
Daily trading volume has also fallen 12% to $50.7 million, while the coin’s market cap will likely fall below $8 billion if the slide continues.
Digging deeper, data from Etherscan.io reveals that the number of unique TON holders has begun to plateau.
This could indicate that the massive growth Toncoin saw throughout August and early September might be starting to slow down.
TON Faces Technical Resistance as Fed’s Hawkishness Weighs on Price
The tapering off in new holders could be partly responsible for Toncoin’s recent price pullback.
Additionally, broader weakness across the crypto market is likely weighing on sentiment around TON, with the Crypto Fear & Greed Index hovering dangerously close to “Fear” territory.
From a technical perspective, TON’s price has rejected a key resistance zone around $2.60, which was also tapped in January and February of this year.
If this resistance holds, it could mean that TON faces some short-term challenges before attempting another push.
Some investors even speculate that a consolidation phase could be on the horizon, which often occurs after a coin experiences a sharp price rise.
Toncoin’s value also appears to be affected by the Federal Reserve’s hawkish comments, which came after Fed Chair Jerome Powell opted to keep interest rates as they were on Wednesday.
Powell noted that the benchmark interest rate may be lifted once more this year to reach the 5.50%-5.75% range – a move that could have a negative impact on the crypto market as a whole.
Bitcoin BSC Presale Hits $4m Soft Cap as Investor Hype Reaches Fever Pitch
While Toncoin continues to face selling pressure, one emerging project is generating growing interest.
Bitcoin BSC (BTCBSC) has raised an impressive $4 million in its ongoing presale event, hitting its soft cap target in three weeks and setting its sights on the maximum $6 million hard cap.
BTCBSC aims to offer a second chance for investors to buy a Bitcoin-style asset at a low price, with the presale offering tokens for just $0.99 – reminiscent of BTC’s early days.
However, unlike Bitcoin, BTCBSC is based on the Binance Smart Chain and uses the BEP-20 standard, enabling it to offer staking rewards to token holders.
As outlined on Bitcoin BSC’s staking dashboard, holders can earn yields of 130% per year by staking their BTCBSC, with rewards paid every 10 minutes.
Once Bitcoin BSC’s presale ends, BTCBSC tokens will be listed on decentralized exchanges (DEXs), with 2% of the total token supply set aside to provide liquidity.
This liquidity will also be locked – ensuring that early investors are protected from potential rug pulls or price manipulation.
Bitcoin BSC’s team has even placed a great deal of focus on security and transparency, with the smart contract being strictly audited by Coinsult, one of the leading blockchain security firms in the industry.
As the presale heads toward its hard cap, the hype around BTCBSC continues to build – hinting that it could be another breakout star, much like Toncoin.