Toncoin continues climb while Bitcoin seems ready to jump to $40k

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Last Updated on 9 November 2023 by CryptoTips.eu

About a year ago, Toncoin was in the news because WhatsApp was down. It works like this: whenever WhatsApp goes down, millions of young people quickly look for an alternative, and they end up downloading (and discovering) Telegram. The official crypto of Telegram is Toncoin.

The more Telegram is used, the higher Toncoin seems to go.

Bitcoin is being traded at the highest price of the year this morning, and according to famed Dutch analyst Michaël van de Poppe, this simply means that a jump to $40k could only be a few days away.

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Geopolitics

In October 2022, a WhatsApp crash caused the then still very small cryptocurrency TonCoin to rise by about 54% in one week. A year later, it has taken its place in the top 10 of CoinMarketCap and even seems ready to take over place 9 from Dogecoin.

This is not only due to the growing popularity of Telegram (now 800 million users), but also to the geopolitical situation. The more the East (aka China, Russia and many third world countries) will react against the West (aka Europe, Australia and North America), the more often you will see a distinction in apps being used by both sides.

When China tells its population not to use Apple products, it is actually also saying that Google, Meta, Instagram and all other Silicon Valley tech are not really desirable. Telegram, because it is originally Russian, is deemed acceptable.

The Telegram founders may have left Russia and the whole thing is run from Dubai, but the app is still seen as ‘one of the East’, so it is OK for Chinese and Russian citizens to use it.

Knowing this, you should count on the fact that the more the West and the East grow apart, the bigger Telegram usage will grow (and the higher Toncoin’s price can thus go).

Bitcoin

Ever since that fateful day where it jumped some 10% on October 23, Bitcoin has continued to trade around $35k. By now it seems to have created a support line at that level. Many analysts believe that as Bitcoin has not fallen below the $34-35k level since then, this is an indication that $40 is the next target.

If it does go back to $30k, that will be a ‘buy the dip’ moment, claims the famous Dutch analyst Michaël van de Poppe. At the time of writing, Bitcoin is being traded for a value of $36,800.

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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