Toncoin (TON) has emerged as the sole Layer 1 Network that can effectively rival Bitcoin (BTC) since the start of the year.
TON has surpassed BTC by over 160% and boasts a higher count of active addresses.
However, despite these accomplishments, there's a lack of trader confidence in TON, evident from the negative sentiment surrounding the coin.
Starting the year around $2.3, TON has seen significant upward trends in recent months, reaching approximately $6.8 at present.
Using the price range tool, it's evident that TON has surged by over 200% from the beginning of the year to the current time.
In comparison, BTC started the year around $44,220 and had climbed to approximately $62,400, representing a growth of about 42% over the same period.
Comparing the charts, Toncoin has exhibited nearly 160% more growth than BTC.
Furthermore, an analysis of the Relative Strength Index (RSI) indicated that BTC was below the neutral line at the time of assessment, indicating a bear trend. In contrast, Toncoin's RSI was above 60, signaling a strong bull trend.
Compared to Bitcoin, Toncoin has more active addresses
Over the past 30 days, Toncoin's active addresses have seen an increase in activity that has surpassed that of Bitcoin.
The number of active Toncoin addresses started to rise gradually in March and continued to rise until May, when it peaked.
With over 10,800 registered as of this writing, Toncoin's active address count has topped 10,000, having started at about 1,000 in March.
The active addresses indicator for Bitcoin, on the other hand, has been trending downward while having larger overall numbers.
By the time this article was published, there were only about 12.6 million active addresses on Bitcoin, down from about 16 million on April 15.
This comparison showed that Toncoin was growing and seeing more activity in comparison to Bitcoin, even though Bitcoin had a greater total number of active addresses.
In sentiment, Bitcoin surpasses Toncoin
It was still about 0.0018%, indicating that buyers were still in control of the trend despite a minor fall.
On the other hand, Toncoin's Funding Rate expressed disapproval. The Funding Rate was approximately -0.047% at the time of writing, suggesting that sellers were prevalent in the market.
These figures showed that more people were placing bets on a rise in the price of Bitcoin. In addition, there were more traders placing short bets on Toncoin.
May 2024, Cryptoniteuae