TON Drops to $1.93 as Altcoins Lag Behind Bitcoin in Risk-Off Crypto Market

TON dropped more than 2% to $1.925 over the last 24-hour period as a wave of risk-off sentiment swept across crypto markets.

The decline saw bitcoin BTC$103,923.79 briefly dip below $100,000 for the first time since June before recovering and long traders face nearly $1.6 billion in liquidations, according to CoinGlass.

The sell-off hit altcoins especially hard. The wider market, as measured via the CoinDesk 20 (CD20) index fell just 0.2% over the same period, pushed up by bitcoin’s 1.4% rise. TON, which had briefly touched a low of $1.8117, struggled to hold support near $1.90, with prices carving out lower highs, according to CoinDesk Research’s technical analysis model.

Tuesday’s $128 million hack on Balancer, a major decentralized exchange, added fuel to the fire, stoking fears around protocol security and reinforcing a flight to safety in digital assets.

Jasper de Maere, an OTC trader at Wintermute, said markets are still digesting the aftershocks from October’s $19 billion in liquidations. Thin liquidity in altcoins made them more vulnerable during these macro-driven drawdowns.

Despite the pressure, there were signs of stabilization. TON reounded from the day’s lows and is now consolidating between $1.92 and $1.94.

Still, with no near-term catalysts obvious, momentum remains fragile. A break below $1.87 could open the door to further losses, while reclaiming $1.95 may signal an early recovery attempt.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.