Toncoin Outshines Bitcoin This Year, Gaining 160%
LUCKNOW (CoinChapter.com) — Toncoin (TON) has outshone Bitcoin (BTC) since the beginning of the year, emerging as a standout performer capable of competing with BTC.
TON Price Surges Over 200% While Bitcoin Lags at 42%
A comparison of the year-to-date price performance of TON and BTC shows Toncoin’s rally. Starting the year around $2.30, Toncoin has experienced substantial uptrends, outshining Bitcoin, and skyrocketing to approximately $6.80 at the time of writing. This is a gain of over 200%.
TON/USD Daily Price Chart. Source: TradingView
In contrast, Bitcoin began 2024 at roughly $44,220 and has climbed to around $67,000. This represents a comparatively modest increase of about 50% during the same period.
BTC/USD Daily Price Chart. Source: TradingView
Furthermore, technical analysis of the Relative Strength Index (RSI) indicates a strong bull trend for Toncoin, with its RSI comfortably above 60. Conversely, Bitcoin’s RSI is below the neutral line, suggesting a potential bear trend.
Toncoin Overtakes Bitcoin in Active Addresses
In addition to its impressive price performance, Toncoin has also surpassed Bitcoin in terms of active addresses over the last 30 days. Active address is a key metric that indicates network growth and adoption.
Bitcoin’s active addresses have been on a declining trend from around 16 million in mid-April to 12.6 million currently. While, Toncoin’s active addresses have surged from approximately 1,000 in March to over 10,800 at press time.
This comparison shows that although Bitcoin maintains a larger overall user base, Toncoin is currently experiencing more rapid growth and activity on its network.
Negative Trader Sentiment Surrounds Toncoin Despite Outperformance
Despite TON’s outstanding price gains and network growth, trader sentiment towards the cryptocurrency appears to be negative, in contrast with the positive sentiment surrounding Bitcoin.
An analysis of the Funding Rate on Coinglass reveals that while Bitcoin’s rate is positive at around 0.0018%. However, Toncoin’s Funding Rate is negative at approximately -0.047%, suggesting a prevalence of sellers in the market.
Source: Coinglass
These metrics suggest that more traders are betting on further price increases for Bitcoin. On the other side, a higher number of Toncoin traders are taking short positions, anticipating a potential downturn.
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