Bitcoin
As Bitcoin Soars, These Altcoins Do Even Better
The global crypto market capitalization is $2.29 trillion, marking a 3.50% increase over the last day. according to for CoinMarketCap. Excluding stablecoins, 96% of the top 100 tokens are recording gains, leaving only LEO, Gnosis, Axelar, and Celestia in bearish territory with less than 1.2% in losses.
This ends the week with at least one up day, as Bitcoin is also on the rise up more than 4% in the last 24 hours and above $61,800 at the time of writing, CoinGecko data shows.
There are also 64 major coins that show better percentage gains than BTC: ORDI, TON, and BONK are among the best performers, each with impressive price movements over the last 24 hours.
ORDI, a cryptocurrency that operates within the Ordinals protocol ecosystem based on blockchain technology, is the best-performing token among the top 100 in terms of price appreciation over the last day. ORDI went from US$35.50 to US$41.60, marking a growth of 17.55% in the last 24 hours. The currency is almost erasing last week’s losses and is now down less than 2.5% in the last seven days.
ORDI is experiencing an interesting pattern even though it is a young coin. The short-term trend is bearish, with the EMA55 above the EMA10. This is considered bearish because traders need to hold the currency longer to be profitable. It also shows a strong ADX of 26 points.
Today’s spike is putting the price above the 55 EMA, however, which could reduce the breach between the two EMAs and signal a possible recovery higher in the coming days.
In a bullish scenario, ORDI could test new resistance near $53 for a further 30% rally. However, if the downtrend continues, it could fall by around 38%, testing support around $25.50.
The second best-performing token in the Top 100 is Toncoin (TON), the native cryptocurrency of The Open Network, a project started by Telegram and then handed over to the open source community after a legal dispute with the SEC. TON rose 9.76% in the last 24 hours, going from $5 to $5.52. TON also erased last week’s losses, recording a weekly gain of 3.2% – 9.2% over the last 30 days.
In terms of fundamentals, there is some excitement surrounding TON following an announcement from Pantera Capital, a crypto VC firm with over $5 billion in assets under management, of an investment on the TON blockchain. Pantera did not reveal the amount of money it invested in developing the TON network, but it did not mince words praising the blockchain and its potential.
“We believe TON has the ability to introduce crypto to the masses because it is widely used on the Telegram network,” Pantera Capital said in its official announcement yesterday.
TON appears slightly stronger than ORDI, pointing to a stable bullish recovery. The price has surpassed the EMA10 resistance, proving that it is bullish, at least in the short term. The RSI at 50 points shows a balance of forces, and the Squeeze Momentum Indicator points to the end of the downtrend and the beginning of bullish momentum. The coin is currently testing weak resistance and the trading margin is low.
A bullish scenario puts TON in a zone close to $6 for a 12% increase, with a bearish scenario sending the coin back to $4.90 for a 10.6% price drop .
Another coin with an interesting performance is BONK, a Solana-based meme coin that gained popularity in the last crypto bull run. The coin rose 9.75% in the last 24 hours, going from $0.00002467 to $0.00002716. Like ORDI and TON, it has erased last week’s losses, rising 3.3% in the last 7 days and 16.9% in the last 30 days.
BONK is currently trading sideways and has remained stable since mid-March. The currency has fluctuated between US$0.00002950 and US$0.00001940, with an atypical drop in mid-April. ADX is weak due to price behavior that is basically trading trendlessly. However, the Squeeze Momentum Indicator points to bullish momentum that could turn into a steady uptrend.
Bullish and bearish scenarios are marked by both support and resistance. A bullish performance would see the coin fall to $0.00002950, up 9%, and a bearish performance would see the coin drop 25% to $0.00001940.
Edited by Ryan Ozawa.