Two cryptocurrencies that stand out in the current trading cycle, Bitcoin (BTC) and The Open Network (TON), are very close to the historic high. This development marks a strong phase of the current ‘Bitcoin Season,’ where BTC and a few other digital assets, such as TON and BNB, remain dominant. Recently, in a CryptoQuant analysis performed by Joao Wedson, he focused on the continued upward trend of TON and Bitcoin, which indicates growing interest in the market.
BTC Leads the Charge
Bitcoin still occupies the position on the “Price Drawdown from ATH” heatmap created by CryptoQuant. Such sentiments seem to remain consistent with the current market trends that still lean towards BTC due to its positionality in terms of storage value, as well as portraying the market standard.
This kind of upward movement of Bitcoin’s price suggests the unchanging popularity of the currency even when market trends evolve. According to Joao Wedson, this cycle seems to be moving slower, with the latest peak of Bitcoin achieved almost one year ago. However, such a slow and steady increase might suggest a more organic and healthy way of growth for BTC, as investors are slowly but surely accumulating positions and waiting for better days.
TON Gains Momentum Alongside Bitcoin
The native token of The Open Network, TON, also known as The Telegram Token, has been a subject of surprise by analysts as the token showed commendable resilience. The chart also indicates that TON, BNB, SOL, and ETH have been able to preserve more significant value compared to many altcoins that are still far from the price spikes. Joao Wedson suggests that TON could be valuable inside this cycle because it accumulates and gains consumer support.
Market Sentiment and Future Outlook
Taking BTC and TON into account in the current cycle, there is a relatively high demand for cryptocurrencies built firmly on their base and have practical value. Wedson also concedes that some altcoins sometimes receive large swings in value, but this phenomenon quickly reverses, and altcoins again assume their positions. On the other hand, the gradual rise based on the most recent price of both BTC and TON indicates that people might shift to less risky assets during high volatility.
Final Thought
During the ongoing Bitcoin season, assets like TON and BTC remain close to their ATH, indicating that investors will keep purchasing them. But this cycle, according to Joao Wedson, may be different from previous cycles due to the slower yet more constant trajectory back to the Bull trend for Bitcoin and certain assets such as TON. This cautious optimism could describe the market in 2024, which could mark the start of another bull run.
