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Toncoin (TON) vs Cardano (ADA): On-Chain Data Shows Gains
Cryptocurrency market fluctuations continue to dominate the market as assets like Toncoin and Cardano move away from bearish sentiments. Last week, most major assets traded sideways after institutional investors exited the market. The status quo saw Bitcoin (BTC) price hovering around $61,000 before attempts to bounce back.
Toncoin and Cardano have shown promise ahead of the market, outpacing major crypto assets by market cap. At press time, the market cap has plunged 1.42% to $2.29 trillion with
Bitcoin and Ethereum sees losses in 24 hours. The main drivers of TON and ADA prices are on-chain bullish factors and key industry developments.
Toncoin leads asset gains
Toncoin has surged 4.5% in the past 24 hours, leaving the broader market in the dust and adding to the recovery numbers. Over the past seven days, TON has surged 8%, erasing previous losses. While most monthly numbers have fallen for most assets, TON has continued to surge, reaching 22%. The asset has toppled Dogecoin to become the eighth-largest cryptocurrency by market cap, edging ever closer to a new all-time high.
Price TON stands at $8.05, bringing its market cap to $19.8 billion, while volumes increased by 57% today. Last month, Toncoin hit a new all-time high at $8.24 and remains 2.37% behind the milestone. With growing bullish interest, some users are expecting the asset to surpass that level.
Toncoin saw traction when Kazakhstan exchanges began trading the asset after regulatory approval. Similarly, Pantera Capital also increased its investment in Toncoin.
Cardano attracts growth
The community dubbed ETH killer jumped 3.5% to trade at $0.418, bringing its market cap to $14.9 billion. Weekly numbers rose 6%, while daily trading volumes saw a slight increase. Overall, ADA recent rally following expected network upgrades and increased on-chain volumes. Bulls predict that the asset will break the current resistance level despite market fluctuations.
Read also: Why are Ethereum Institutionals Selling Out Before ETF Launch?
David is a financial news contributor with 4 years of experience in Blockchain and cryptocurrency. He is interested in learning about emerging technologies and has an eye for breaking news. Keeping up to date with trends, David has written in several niches including regulation, partnerships, cryptocurrency, stocks, NFTs, etc. Away from the financial markets, David enjoys cycling and horseback riding.