Toncoin has surpassed Cardano to claim the ninth spot in the list of the largest cryptocurrencies by market capitalization. According to CoinMarketCap data, Toncoin (TON) now has a market capitalization of $23.1 billion, surpassing Cardano’s (ADA) $21.5 billion at the time of this report.
Toncoin’s rise in the rankings of the top 10 largest cryptocurrencies by market capitalization is attributed to its continued growth, reaching a new all-time high on April 9 for the second time this month. The cryptocurrency hit a peak of $7.08 and is currently trading at $6.63, marking an 8.6% increase in the past 24 hours.
The price of TON has seen a significant surge of over 135% in the last month, while ADA has experienced a 15% decrease. Year-to-date, TON has surged by 183%, while ADA has declined by 1.3%.
Toncoin’s recent achievements can be attributed to various initiatives by the TON team. The TON Society recently announced a partnership with HumanCode, developers of AI solutions, to introduce biometric identification in the Telegram messenger. Additionally, the TON community launched a one million Toncoin incentive program to support the implementation of a new digital verification standard.
In late March, Telegram’s announcement of integrating payments into TON positively impacted the Toncoin rate. This integration allows users to purchase advertising in the messenger using the ecosystem token, and content creators can receive rewards for posting ads.
Toncoin’s impressive performance has propelled it into the top 10 cryptocurrencies by market capitalization, surpassing Avalanche in the process.