TON and STX suffer major losses, ETFS and OP take the lead

Amidst the current market turmoil and Bitcoin’s crash, many cryptocurrencies like Toncoin (TON) and Stacks (STX) have become victims of the market’s volatility, recording massive declines and rapidly losing interest from investors. Meanwhile, prominent crypto projects like ETFSwap (ETFS) and Optimism (OP) are thriving despite the market’s turbulence, witnessing heightened demand from investors.

Toncoin (TON) Price Plummets Amidst Major Announcement

The price of Toncoin (TON) has been on a noticeable downward trend over the past week, reflecting declines of about 6.07%, according to CoinMarketCap. This price decline may be attributed to present market conditions, which have grossly affected the value of Bitcoin and pushed its price and other altcoins below key support levels.

A new development revealed that Bitfinex, a cryptocurrency exchange, has begun allowing customers to deposit and withdraw USDT tokens through The Open Network (TON). This announcement comes as a major milestone for Toncoin (TON), enabling Bitfinex customers to gain exposure to the network and its native token.

Despite the positive news, Toncoin (TON) is still trading around $5.18, miles below its all-time high of $7.6 earlier this April. The cryptocurrency has also witnessed a drop in interest from traders as its 24-hour trading volume is down by a significant 28.52%.

Stacks (STX) Records Over 20% Decline

Similar to Toncoin (TON), Stacks (STX) is also another cryptocurrency which has been recording crippling declines lately. Over the past months, Stacks’s (STX) price declined by a whopping 38.52%, pushing its value to unexpected lows.

The cryptocurrency’s price chart has been reflecting red candlesticks for weeks, declining by 23.24% over the last seven days and 0.62% in the past 24 hours. These consistent price decreases underscore the fragile price fundamentals of Stacks (STX), as the cryptocurrency tends to fall rapidly amid market volatility.

As of writing, the price of Stacks (STX) is also trading below all-time highs at $2.08, acc

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Author: AMBCrypto Team

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