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

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.

More evidence of stagflation. I can almost start a stagflation collection. pic.twitter.com/bVmvMkTNww

— Correlation Economics (@GoldForecast) May 10, 2024

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

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.

#TON +50% 😎🥂

The price of Toncoin has pumped 50% from the demand area. ✔️https://t.co/d37URBh3Rc pic.twitter.com/j2OajkvsKR

— Invest with Charlie (@Charlie_Rob01) May 10, 2024

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.