For five days leading up to May 5th, Toncoin’s price stayed relatively stable, fluctuating between $1.30 and $1.35. However, after Pavel Durov made an announcement, the price quickly jumped from $1.35 to a peak of $1.895 – a 40% increase triggered by that single event. Currently, TON is trading at $1.888.
Coinbase CEO Brian Armstrong shared on X (formerly Twitter) that two key reasons led to this decision.
Data from Arkham’s AI shows that an address likely linked to Multicoin Capital recently moved around $28.45 million worth of HYPE tokens to HyperCore, where they were locked for staking. This signals increased activity and investment within the Hyperliquid platform.
This rebound, a testament to the irrational exuberance of the masses, has propelled its market capitalization beyond $4.4 billion, securing its place among the pantheon of leading cryptocurrencies at the #22 spot. The trading volume, a torrent of $50 million, flowed across platforms like Bitget, Gate.io, HTX, and Kraken, each a tributary in the great river of speculation.
In a missive dispatched via the modern-day samizdat known as X, Max proclaims that never in the annals of bear markets has Bitcoin dared to print more than two consecutive green candles. March and April, with their modest gains of 2% and 12%, respectively, have been but fleeting moments of warmth in an otherwise glacial landscape. Yet, with the irony of a dissident’s joke, he notes that May, historically weak and awash in liquidity, may yet deliver the cold slap of reality. Bitcoin, ever the contrarian, has already risen 6% this month, reaching the giddy heights of $81,000, a multi-month high that has sent optimists into paroxysms of hope. But Max, ever the skeptic, reminds us that the bear’s claws remain sharp, and the current rally may be nothing more than a liquidity grab, a fakeout as transparent as a Party official’s promises.
The weekend bore witness to a spectacle both tragic and farcical: a wave of selling so ferocious, it halted the ascent of this digital idol at the very altar of its worshippers. Analysts, those modern-day soothsayers, now pontificate on the possibility of a short squeeze, a term as hollow as the promises of the crypto evangelists. Should Bitcoin breach the sacred $80,000, they claim, it shall soar to $82,230-a height unseen since the days when the world was young and naive, seven months past.
Bitcoin, that phoenix of the digital realm, has risen from the ashes of a sharp sell-off to nearly $60,000, ascending back above $80,000 within a rising channel so textbook, it could grace the pages of a financial tome. Now, it presses against the upper boundary, a level that may halt its rally or send it tumbling back. A breakout above this threshold could unleash a speculative frenzy toward $100,000, while repeated rejection might send it spiraling toward $70,000 or lower. The bulls hold the reins, but the test is nigh.
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According to Ali Martinez, Bitcoin continues to show structural strength following a bullish MACD crossover on April 13. This signal has already driven a 15% rally and has historically marked the beginning of major multi-month uptrends, with past gains reaching as high as 147% – because apparently crypto loves a good throwback montage.
Toncoin climbed from roughly $1.35 to about $1.80, a 30% ascent that feels almost polite in the glare of the market’s fever. CoinMarketCap placed it among the top twenty by market capitalization during the rally, as if the crowd’s cheer could sanctify a ledger and give it breath enough to run on its own.