The digital currency TON overtakes XRP in terms of market capitalization
Cryptocurrencies have recently witnessed notable fluctuations in their ranking according to market capitalization, as Toncoin (TON) was able to surpass Ripple’s XRP, according to data issued by “CoinCodex.”
TON's current market cap is about $27.38 billion, compared to $26.57 billion for XRP.
In the past 24 hours, the value of Toncoin has risen by more than 2%, while the value of XRP has fallen by 1.55% in the same time period.
TON's exceptional performance:
Toncoin, the original cryptocurrency of the Telegram Open Network, has performed exceptionally well over the past year.
Its price increased by 456%, making it outperform 80% of the top 100 cryptocurrencies by market capitalization.
Much of this success can be attributed to the continued growth in Total Value Locked (TVL) on the TON Network, which has now surpassed the $500 million mark.
Leading projects on the TON network include Tonstakers, DeDust and STON.fi, which have contributed significantly to this growth.
XRP performance decline:
In contrast, XRP was one of the cryptocurrencies that witnessed a disappointing performance within the top 100 list.
Despite its significant rise last July after Ripple's partial victory in its legal case against the SEC, XRP could not maintain its momentum and lost most of its gains.
This poor performance makes it look less attractive compared to other cryptocurrencies, such as TON.
Analyst Bill Morgan notes that XRP's 85.9% decline from its record high makes it one of the worst performing coins alongside Cardano (ADA) and Polkadot (DOT).
It should be noted that XRP still outperforms TON on some other platforms such as CoinGecko and coinmarketcap, which reflects differences in data between the tracking sites.
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