TON’s Weekly Gains Reach Triple Digits as BTC Rebounds From $81K: Market Watch

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.