TON’s Weekly Gains Reach Triple Digits as BTC Rebounds From $81K: Market Watch
TL;DR
Bitcoin's price rose to nearly $83,000 after the FOMC meeting but faced resistance, settling around $81,000. Meanwhile, TON experienced significant weekly gains, reaching triple digits.
Key points
- Bitcoin reached a peak near $83,000 after the FOMC meeting
- BTC found support at around $81,000
- Most larger-cap altcoins declined by 3-4% except BNB, SOL, and ADA
- TON achieved triple-digit weekly gains
- Market volatility was influenced by interest rate decisions
Mentioned in this story
Bitcoin’s price ascent that began after the FOMC meeting last week drove the asset to a multi-month peak at almost $83,000 before it was stopped and pushed south by a couple of grand.
Most larger-cap alts have declined by up to 3-4% over the past day, except BNB, SOL, and ADA.
BTC Finds Support at $81K
As mentioned above, BTC’s price slipped below $75,000 last Wednesday after the completion of the third FOMC meeting for the year, in which the US Federal Reserve kept the interest rates unchanged. Although this decision was highly anticipated, it still brought some volatility to the market.
However, the following few days were a lot more positive for bitcoin, which jumped to almost $79,000 on Friday after the first peace proposal was sent from Tehran to Washington. It was rejected, and so was the second one on Sunday, but BTC still remained above $78,000.
The bulls initiated a more impressive leg up on Monday morning, driving the cryptocurrency to a three-month peak at just over $80,000. Although BTC was stopped there at first, its run resumed on Tuesday and Wednesday, driving it to another local peak at almost $83,000.
After gaining $8,000 in a week, BTC was due for a correction, which took place in the following hours. It dipped to $80,800, where it found support and now sits above $81,500.
Its market cap is up to $1.635 trillion, while its dominance over the alts remains above 58.5% on CG.
BTCUSD May 7. Source: TradingView
TON Keeps Rocking
While some regarded Pavel Durov’s announcement as a rise toward centralization, the reality is that Toncoin’s TON exploded after Telegram said it would replace the TON Foundation as the largest validator and reduce the fees by up to six times. TON has soared by another 30% in the past 24 hours, bringing its weekly gains to over 120% as of press time.
The other double-digit gainers over the past day include VIRTUAL, SIREN, VVV, NEAR, and ICP. BNB, SOL, and ADA have posted more modest increases, while ETH, XRP, DOGE, HYPE, BCH, and ZEC have lost some traction.
The total crypto market cap has remained inches below $2.8 trillion on CG.
Cryptocurrency Market Overview May 7. Source: QuantifyCrypto
Q&A
What caused Bitcoin's price to rise to almost $83,000?
Bitcoin's price increase was driven by the positive market reaction following the FOMC meeting where interest rates were kept unchanged.
How did TON perform in the market recently?
TON saw impressive weekly gains, reaching triple digits amidst the broader market fluctuations.
What impact did the peace proposals from Tehran have on Bitcoin's price?
The peace proposals from Tehran to Washington contributed to Bitcoin's price stability, allowing it to remain above $78,000 despite the proposals being rejected.
