- TON has gained over 160% more than BTC so far.
- TON has also seen increased activity in some on-chain metrics.
Tonmint [TON] has emerged as the only Layer 1 network that can effectively compete with Bitcoin [BTC] since the beginning of the year.
TON has surpassed BTC by over 160% and has a larger number of active addresses.
Despite this performance, traders do not seem to have confidence in TON as sentiment around the coin has turned negative.
Toncoin gains more than 100% against Bitcoin
AMBCrypto’s analysis of Bitcoin and Toncoin price trends revealed that Toncoin had surpassed BTC in terms of gains.
TON, which started the year around $2.3, has seen a substantial uptrend in recent months, reaching around $6.8 at the time of writing.
Using the price range tool, it became clear that TON was up more than 200% since the beginning of the year.
Source: TradingView
Conversely, BTC started the year at around $44,220 and had risen to around $62,400. This represented growth of approximately 42% over the same period.
Comparing the charts, Toncoin shows almost 160% more growth than BTC.
Source: TradingView
Moreover, the Relative Strength Index (RSI) analysis indicated that BTC was below the neutral line at the time of review, indicating a bear trend.
Toncoin’s RSI, on the other hand, was above 60, indicating a strong bull trend.
Toncoin sees more active addresses than Bitcoin
Analysis of Toncoin’s active addresses over the past 30 days has revealed an increase in activity, surpassing that of Bitcoin.
Starting in March, Toncoin’s active addresses began to steadily increase, peaking in May and maintaining this elevated level.
Starting with around 1,000 active addresses in March, Toncoin has now surpassed 10,000 active addresses, with over 10,800 addresses registered at the time of writing.
Source: Santiment
In contrast, Bitcoin’s active addresses metric, while having higher numbers overall, is trending downward.
On April 15, Bitcoin registered almost 16 million active addresses, but this number had dropped to around 12.6 million at the time of writing.
This comparison highlighted that while Bitcoin has a larger number of active addresses overall, Toncoin experienced more activity and growth in relative terms.
Bitcoin is above Tonco in terms of sentiment
AMBCrypto’s look at Bitcoin’s funding rate Mint glass indicated positive sentiment at the time of writing.
Despite a slight decline, it remained around 0.0018%, indicating that buyers continued to dominate the trend.
Read Bitcoin’s [BTC] Price forecast 2024-25
Conversely, that of Toncoin Financing rate revealed a negative sentiment. At the time of writing, the financing rate was approximately -0.047%, indicating that there are many sellers in the market.
These statistics reflected a scenario where more participants were betting on a rise in the price of Bitcoin. At the same time, Toncoin had a larger number of traders taking short positions.