Toncoin (TON) price hits a new all-time high

• Toncoin (TON) price rose more than 17% to hit a new all-time high
• TON reached highs of $6.27 on Monday as Bitcoin jumped above $72,000.
• Can TON hit $10 this week?

Toncoin (TON) is one of the altcoins to post huge gains on Monday as the cryptocurrency market savoured Bitcoin’s swift surge to above $72,000.

The TON token rose more than 17% in 24 hours to hit a new all-time high of $6.26. Data from CoinGecko shows the price of Toncoin is up more than 120% in the past 30 days.

Today’s upside followed Bitcoin’s uptick that unsurprisingly lifted most altcoins, including Ethereum that traded to above $3,600 for the first time in two weeks.

As the altcoin market heats up for a potential vertical push, investors confident in what’s driving TON price higher are eyeing greater returns. In the past 24 hours, this outlook has seen Toncoin’s trading volume reach $433 million, an increase of more than 243%.

TON’s market cap has as a result of the spike in activity increased to $21.62 billion. Toncoin is just behind Cardano (ADA) in terms of market capitalization at the time of writing.

According to CoinGecko data, 10th-ranked Cardano is currently at $21.64 billion.

Another upward roar for TON bulls could see the cryptocurrency flip Cardano as it enters the top 10 cryptocurrencies by market cap. TON in price discovery could surge to the psychological $10 mark.

Why is TON price up today?

While Toncoin has rallied amid the broader bullish sentiment in the crypto market, a number of catalysts have helped push TON higher in recent weeks.

Among these factors have been Telegram’s launch of a revenue system for channel owners, with the ad sharing payouts in TON. The Ton Foundation also unveiled a rewards program offering up to $115 million to the community.

The TON token also surged amid sentiment around Telegram’s IPO.

This week’s gains come as Toncoin developers and contributors announced plans to distribute 1 million TON to participants in a new initiative.

As TON blockchain shared via X on Monday, a digital identity (ID) project is in place and voluntary participants will benefit from the giveaway in the next five years.