Toncoin [TON] has emerged as a formidable competitor to Bitcoin [BTC] within the Layer 1 Network arena, showcasing impressive performance since the start of the year.
With a staggering 160% gain, Toncoin has outperformed Bitcoin, boasting a higher count of active addresses. Despite these achievements, sentiment surrounding Toncoin appears to have soured among traders.
AMBCrypto's analysis of price trends between Bitcoin and Toncoin unveiled Toncoin's remarkable lead in gains.
Starting the year at approximately $2.3, Toncoin has surged in recent months to around $6.8 at present, marking over 200% growth. In contrast, Bitcoin began the year at roughly $44,220 and rose to about $62,400, representing a growth of around 42% during the same period.
Source: TradingView
Comparatively, Toncoin has exhibited nearly 160% more growth than Bitcoin. Additionally, analysis of the Relative Strength Index (RSI) indicates a bear trend for Bitcoin, with its RSI below the neutral line, while Toncoin's RSI signals a strong bull trend, being above 60.
Source: TradingView
Analyzing active addresses over the past month reveals Toncoin's surge in activity, surpassing that of Bitcoin.
Toncoin's active addresses began a steady climb from March onwards, reaching over 10,800 active addresses at present, compared to Bitcoin's declining trend, which saw a decrease from nearly 16 million active addresses in April to around 12.6 million.
Source: Santiment
While Bitcoin boasts a larger total number of active addresses, Toncoin's relative growth and activity surpass Bitcoin's recent performance.
Examining Bitcoin's Funding Rate on Coinglass reveals a positive sentiment at present, suggesting buyer dominance despite a slight decline.
In contrast, Toncoin's Funding Rate reflects negative sentiment, indicating a prevalence of sellers in the market.
These metrics portray a scenario where more participants are betting on Bitcoin's price increase, while Toncoin sees a higher number of traders taking short positions, highlighting the skepticism surrounding Toncoin's recent surge.
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