Top cryptos to watch in this week, When the US Federal Reserve announced that it would leave interest rates unchanged on June 12, the price of Bitcoin fell and other altcoins followed suit. However, several altcoins bucked the trend and saw their prices rise slightly. In this blog, we look at the cryptocurrencies that have performed well and are worth watching this week.
1. Toncoin (TON):
Toncoin (TON) serves as the native digital currency for a decentralized layer 1 blockchain originally developed by messaging platform Telegram in 2018. Originally launched as the “Telegram Open Network”, the project transformed when Telegram pulled out and the TON Foundation, an independent community took over and renamed it “The Open Network”. Toncoin (TON), formerly known as Gram, is the native Top Crypto on this network.
Toncoin (TON) price on WazirX today is 759.996 INR. According to CoinMarketCap, the 24-hour trading volume is $332,196,486, with a circulating supply of 2,432,982,023 TON and a market cap of $18,958,745,668.
Toncoin’s recent price surge can be attributed to several key factors. First, Total Value Locked (TVL) on the TON blockchain has more than doubled recently to over $600 million, driven by significant gains in top protocols such as DeDust. This is indicative of growing confidence and activity within the TON ecosystem. In addition, Telegram’s integration with TON greatly boosted its adoption and leveraged Telegram’s massive user base to popularize games and digital payments with earnings. Strategic partnerships such as investments from Pantera Capital and collaboration with Tether have further boosted investor confidence and contributed to Toncoin’s recent upswing in market performance.
2. Uniswap (UNI):
Uniswap is a prominent decentralized trading protocol that facilitates automated trading of decentralized finance (DeFi) tokens. UNI, the governance token of the Uniswap platform, allows users to vote on major improvements to the protocol and is one of the largest cryptocurrencies by market capitalization.
Launched in November 2018, Uniswap was one of the first DeFi services to gain significant momentum on Ethereum. Despite the launch of many other decentralized exchanges (DEX), Uniswap has remained the most popular by a significant margin.
Uniswap (UNI) price on WazirX today is INR 981.00. According to CoinMarketCap, the 24-hour trading volume is $255,185,206, with a circulating supply of 599,957,295 UNI and a market cap of $6,559,046,868.
The rise in Uniswap (UNI) prices can be attributed to several technical and market factors. On June 12, UNI bounced off a key support level, initiating a classic reversal that led to a five-day streak. In that period, UNI gained more than 37% even as other Top cryptos struggled. The rally was further supported by a break of the UNI above the neckline of an inverted head and shoulders pattern, which is a bullish signal in technical analysis. The breakthrough spurred renewed investor interest and contributed to UNI’s strong performance.
3. Tron (TRX):
Tron is a blockchain-based company that debuted in 2017. At the time, it did not aim to support advances in network design or cryptography, instead adopting existing features such as delegated Proof-of-Stake (DPoS) consensus, smart contracts, tokens, and decentralized applications (dApps). This approach allowed Tron to focus more on user experience and design.
Tron gained more attention in 2018 when the Tron Foundation, the non-profit development organization behind Tron, bought BitTorrent, a P2P content-sharing platform.
Tron (TRX) price on WazirX today is 10.4611 INR. According to CoinMarketCap, the 24-hour trading volume is $303,843,846, with a circulating supply of 87,275,891,711 TRX and a market cap of $10,206,352,777.
Tron’s price increase can be attributed to its proactive steps to optimize power consumption through a proposed update to the Tron Virtual Machine (TVM) opcodes, detailed in TIP-653. This initiative focuses on the SUICIDE and VOTEWITNESS opcodes to ensure that power consumption reflects actual resource usage and addresses potential issues such as unfair resource modelling and susceptibility to DDoS attacks. The proposal highlights Tron’s commitment to a democratic and community-driven approach to improving the protocol. Despite potential backwards compatibility concerns, the modifications are expected to enhance the overall efficiency and security of the protocol and strengthen Tron’s reputation as an innovative blockchain leader.
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Disclaimer: Crypto products are unregulated as of this date in India. They could be highly volatile. At Unocoin, we understand that there is a need to protect consumer interests as this form of trading and investment has risks that consumers may not be aware of. To ensure that consumers who deal in crypto products are not misled, they are advised to DYOR (Do Your Own Research).
