It is interesting to observe the ongoing competition between Toncoin and Cardano [ADA], especially since Toncoin recently overtook Cardano in the market capitalization rankings.
Beyond the market cap position, a closer comparison of the two assets reveals some interesting movements.
Toncoin ranks 9th, Cardano ranks 10th
According to CoinMarketCap (CMC) data, Toncoin currently ranks 9th in terms of market capitalization, holding $25.6 billion.
Cardano fell to 10th place with a market capitalization of $20.9 billion. What is particularly noteworthy about this change in market capitalization ranking is that Cardano, which was previously in 9th place, has been overtaken by Toncoin as its price has increased.
Since ADA did not have significant price movement, Cardano fell down the ranking due to the upward trend of TON.
Toncoin and Cardano Show Opposite Price Trends
Analysis of the daily timeframe chart of Toncoin and Cardano shows opposite trading activity between the two assets. While Cardano’s trading volume was relatively high, Toncoin started to show better trends towards the end of February.
From February 27th to today, TON has increased approximately 160%. In contrast, ADA declined by approximately 8% over the same period.
The chart for TON’s has shown a continuous increase over the past four days, and the current price is around $7.4, an increase of over 9%. The Relative Strength Index (RSI) indicates a strong uptrend and overbought conditions. As of this writing, there are over 75.
On the other hand, ADA’s performance was not as strong, with no consecutive gains over the past four days. While TON recorded significant gains, ADA struggled to maintain its momentum, with the highest rate of increase observed during this period being around 4%.
At the time of this writing, ADA was trading around $0.50 with no signs of an immediate rise. Moreover, the RSI is still below the neutral line, indicating a bearish trend for ADA.
On the other hand, ADA’s performance was not as strong, with no consecutive gains over the past four days. While TON recorded significant gains, ADA struggled to maintain its momentum, with the highest rate of increase observed during this period being around 4%.
At the time of this writing, ADA was trading around $0.50 with no signs of an immediate rise. Moreover, the RSI is still below the neutral line, indicating a bearish trend for ADA.
Toncoin bests Cardano in terms of volume and active addresses
His 7-day active address analysis of Cardano (ADA) and Toncoin (TON) reveals an interesting trend. TON is currently at its highest level of active addresses in history, with 2,969 active addresses as of this writing.
Conversely, active addresses have decreased in ADA. However, when compared to TON, the number is much higher, with around 96,500 active addresses recorded at the time of this writing.
Additionally, if we look at the volume indicators, we can see that TON has a higher trading volume than ADA. As of this writing, TON’s trading volume was over 714.8 million, while ADA’s trading volume was around 433.4 million. Additionally, this chart shows that his ADA trading volume is in a bearish trend.
TON, ADA Profitability Test
Fluctuations in Cardano’s price performance clearly impact the profitability of its products. Analyzing the “Profit Supply” metric shows that ADA’s profit supply has decreased to approximately 63%.
This decline occurred despite the recent upward trend observed on the chart, suggesting that approximately 22.6 billion ADA are currently in profit.
Meanwhile, looking at TON, it is clear that over 9.3 million of his offerings are currently profitable. Surprisingly, despite the decline seen in the graph, 100% of TON’s supply remains profitable.
In fact, Toncoin has shown improvement in several important metrics, not just price. However, Cardano (ADA) seems to be lagging behind in this regard.
Still, given the differences in market cap, if ADA experiences a significant price increase, it could see an increase in its market cap ranking.
The competition between these two assets continues and it will be exciting to see how it plays out in the coming weeks and months.