Toncoin (TON) and Cardano (ADA): On-Chain Data Shows Gains
The volatility in the crypto market continues to dominate the market, with assets like Toncoin and cardano breaking away from the downtrend. Over the past week, most of the top assets have traded sideways following the outflows recorded by institutional investors in the market. The status quo saw the Bitcoin (BTC) price hover around the $61,000 mark before attempts to recover.
Toncoin and Cardano are promising leaders ahead of the market, outpacing the top crypto assets in terms of market cap. At press time, their market cap is down 1.42% to $2.29 trillion. Bitcoin and Ethereum is recording 24-hour losses. The main drivers of TON and ADA prices are on-chain bullish factors and important industry developments.
Toncoin Leads Asset Gainers
Toncoin has gained 4.5% in the past 24 hours, leaving the broader market in the dust and adding to its recovery figures. Over the past seven days, TON has gained 8%, erasing its previous losses. While most monthly figures for most assets are down, TON has continued to rise, reaching 22%. The asset has become the 8th largest cryptocurrency by market cap, overtaking dogecoin and approaching a new all-time high.
Price per ton Today, its volumes are up 57%, while its market cap is at $8.05, up $19.8 billion. Last month, Toncoin reached an all-time high of $8.24, falling 2.37% from that level. With the increasing bullish trend, some users are expecting the asset to break this level.
Toncoin has seen interest after Kazakhstan exchanges began trading the asset following regulatory approval. Similarly, Pantera Capital has also increased its investment in Toncoin.
Cardano Attracts Growth
The so-called ETH killer community rose 3.5% to $0.418, bringing its market cap to $14.9 billion. The weekly figures increased by 6%, while a slight increase was seen in daily trading volumes. tulum, Islands Recent bullish trend following anticipated network upgrades and surge in on-chain volumes. The asset is being tipped by bulls to break above current resistance levels despite market volatility.
Then read on: Why Are Ethereum Institutional Products Selling Out Before ETF Launch?
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David is a financial news writer with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has a knack for keeping up with breaking news. Keeping up to date with trends, David has reported on a variety of topics including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David enjoys cycling and horseback riding.
The content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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