Toncoin Surpasses Bitcoin with Remarkable 160% Surge

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.

Toncoin Surges Ahead: Outpacing Bitcoin in Growth Trajectory

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

Toncoin's Ascendancy: Active Addresses Surpass Bitcoin's

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.

Bitcoin vs. Toncoin: Contrasting Market Sentiments Revealed by Funding Rates

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.