The TORN token has risen by as much as 7.5% during the last 24 hours, with its price currently standing at $3.77 on a day when the market as a whole has gained by 1.5%.
TORN has now risen by 10% in a week and by 31% in the last 30 days, although it remains down by 20% in the past year.
This 12-month decline contrasts poorly with the performance of many major tokens, yet TORN is still suffering from the US banning the Tornado Cash mixing service in August 2022, despite recent attempts to appeal the Treasury Department’s sanctions.
However, there are a healthy number of other altcoins which promise bigger gains in the near and more distant future, with Bitcoin ETF Token’s presale suggesting that it could have a big listing in the next few weeks.
TORN Token Rises 50x Overnight as This Lesser-Known Crypto Secures $800,000 in Funding – What Does it Do?
TORN’s indicators are looking increasingly bullish at the moment, with its RSI rising above 60 today.
This signals growing buying pressure, as also suggested by the coin’s gradual rising trading volume.
Source: TradingView
Another promising sign is TORN’s 30-day average (yellow), which is climbing steadily towards its 200-day average.
This is suggestive of the beginning of an upcycle, and if the 30-day average does overtake the 200-day, TORN could experience a more aggressive breakout rally to higher levels.
However, while TORN is arguably due a big rally in order to compensate for big losses in previous months and years, it needs to be remembered that its trading volume remains remarkably low.
It currently stands at only $1.5 million, which is minuscule in comparison to the volumes witnessed for coins such as BTC and ETH (e.g. $27 billion and $24.5 billion).
As such, TORN token continues to suffer from very low interest, which in turn follows from the US Department of Justice sanctioning its native platform, Tornado Cash, in 2022.
Its price has never really recovered from this legal action, with Tornado Cash users appealing this week against a recent upholding of the sanctions.
It’s unlikely that such an appeal will be successful, but it at least holds out hope that TORN may one day recover in a more substantial way.
For now, it may be able to reach $4 by the end of the year.
This Lesser-Known Crypto Secures $800,000 in Funding – What Does it Do?
Because TORN may remain a shaky cryptocurrency for some time to come, many traders will be better off investing in other tokens.
Fortunately, there’s no shortage of promising altcoins to buy, with a number of presale tokens looking especially promising right now.
One of these high-potential presale coins is Bitcoin ETF Token (BTCETF), an ERC-20 cryptocurrency that has raised more than $800,000 in its token offering.
Grayscale’s move with an $ETH futures #ETF might be a chess play to secure a spot for an #EthereumETF approval.
Bloomberg’s analyst James Seyffart sees it as a ‘trojan horse’ tactic.
How do you perceive this regulatory chess match?#BTCETF has also now raised over $800K! pic.twitter.com/DW2DclMzOu
— BTCETF_Token (@BTCETF_Token) November 16, 2023
What’s interesting about Bitcoin ETF Token is that, as its name suggests, it will link its tokenomics to Bitcoin (BTC) and Bitcoin ETFs.
For example, it plans to burn 25% of its overall supply – of 2,100,000,000 BTCETF – over time, with the first 5% portion set to be destroyed when the SEC approves its first Bitcoin ETF.
Other milestones will trigger other 5% burns, while each milestone will also instigate a 1% reduction in its transaction tax, from 5% to an eventual 0%.
Its final burn is set for when BTC eventually reaches a price of $100,000, with each successive burn making BTCETF more deflationary.
Its deflationary tokenomics help to explain why its presale is already doing so well, despite being open for less than two weeks.
It also helps that users will be able to stake BTCETF and earn a passive income from the token, potentially making it a highly lucrative coin.
Investors can join its presale at the official Bitcoin ETF Token website, where 1 BTCETF costs $0.0054.
This presale price will increase in under three days, while the end of the sale will see BTCETF list on exchanges, where it could rise even higher.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
The post TORN Token Rises 50x Overnight as This Lesser-Known Crypto Secures $800,000 in Funding – What Does it Do? appeared first on Cryptonews.
