Stagflation stops Bitcoin’s rise and Toncoin is the winner of the week

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Last Updated on 11 May 2024 by CryptoTips.eu

Bitcoin has been struggling to find its way up again in the last few days. Although the recent low of $57,000 still seems like a very strong support line, Bitcoin just can’t seem to break the $65,000 mark, which it needs for a rise to $70,000.

At the time of writing the Bitcoin price is trading for $60,700.

Yesterday the word ‘stagflation’ was used again by the American press and the crypto market immediately fell in response. Analysts believe that a further fall to the $52,000 level is possible if we do not see a leg up soon.

Within the top 10 of CoinMarketCap we can see that in the past week it was only Toncoin that managed to rise.

Advertentie.

Toncoin

The cryptocurrency of the major social media app Telegram has had an excellent year so far with a gain of about 200% since the beginning of this year. This week, it once again overtook Dogecoin in eighth place and is trading close to $7 again.

 

This week’s latest rally comes after some major crypto platforms said they would begin listing NOT, the cryptocurrency of a game that has gone viral on Telegram in recent weeks, as from May 16.

Many analysts think that if there is indeed a Telegram IPO this year, the price of Toncoin could go to $10.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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