Bitcoin is once again above the key level of $100k, as the markets reel for Trump’s inauguration. Most recently, markets reacted positively to more accumulation by El Salvador, one of the most Bitcoin-friendly countries in the world.
Notably, this accumulation by major players will have a significant effect on the entire crypto market. One of the chains set to benefit the most is TON, currently the fastest-growing chain ever.
El Salvador Adds $1M To BTC Reserves
Despite being by far the biggest crypto asset, Bitcoin (BTC) had a standout performance last year. Year over year, Bitcoin recorded a 148.03% gain and is currently trading at $103,567. One of the reasons for this was the growing accumulation of assets by major players.
For one, Microstrategy continues to perform leveraged buyouts of Bitcoin. An upcoming shareholder vote would authorize the company to issue 10 billion common shares. This move would enable it to expand its Bitcoin portfolio significantly.
At the same time, El Salvador is boosting its Bitcoin reserves. The country recently purchased 11 BTC for $1 million. This latest purchase brings the country’s Bitcoin assets to an astonishing $572 million.
These major asset holders have a strong effect on Bitcoin’s price. Namely, the crypto markets are less liquid than traditional stock markets. In turn, this means that large purchases have a strong effect on the price, pushing it up much further.
Bitcoin’s strong performance and ongoing accumulation by major players will also boost all major chains. This is especially important for TON, one of the fastest-growing chains.
TON Sees Explosive Growth
TON’s relative performance last year was comparable to that of Bitcoin. The token, deeply integrated into the popular Telegram app, rose 142.32% year over year. However, this figure does not show its staggering growth in terms of other metrics.
For one, TON’s ecosystem saw an 800% increase in Total Value Locked (TVL). TON has also seen a massive increase in active addresses and DeFi activity. Notably, active addresses grew 3380% in 2024.
Source: Dune
The main reason for this was the rise of popular Telegram apps such as Notcoin, Catizen, and Hamster Kombat. At the same time, DeFi activity rose tenfold, from $2 million to $21.4 million.
What is more, the latest news suggests that TON’s growth is only starting. The recently launched Elluminex (ELX) platform is expected to bring much-needed liquidity to TON, boosting its price.
For one, Elluminex is a DeFi hub focused on making TON interoperable with other chains. By bridging TON with other major chains, Elluminex will bring new traders and liquidity to it. This means a likely rise in the valuations of both the TON coin and its ecosystem.
Decentralized exchanges like Elluminex play a key role in their respective ecosystems. By offering an easy way to swap assets, both within and across chains, these platforms bring in both traders and liquidity. With more liquidity on TON, the network will likely be in a position to challenge major DeFi players, including Solana and Ethereum.
For more information about Elluminex (ELX) visit the links below:
Website: https://elluminex.com
Twitter/X: https://x.com/elluminex
Telegram: https://t.me/Elluminex
