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30 May 2024
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TON Outperforms Bitcoin By 118%: What’s Driving The Network?

TON has outperformed Bitcoin (BTC) and other crypto assets this year following positive developments from the network and surging on-chain transactions. A new report by on-chain analytics firm CryptoQuant shows a high-flying performance of TON as its performers soar to year-to-date (YTD) highs.

TON has outpaced Bitcoin by 118% this year showing the network’s strong growth. Bitcoin has also surged to an all-time high above $72,000 before a recent correction to current levels. Although the fluctuations are widespread in the market, TON and BNB have outshined the market leader in this period.

Analysts Suggest Trading Patterns

The Telegram-linked token continues to rally picking up gains this month igniting analysts to make several projections. CQ Ben, an analyst at CryptoQuant stated that one of the ways he invests in altcoins is to isolate positive trends in projects with USD and BTC values. 

Of the major layer 1 blockchains TON and BNB are the only assets that have managed to meaningfully outperform bitcoin this year. In my opinion, TON’s relative strength against bitcoin coupled with the network effect of Telegram makes it a crypto worth monitoring this bull run.” 

Factors Spurring The Rise of TON

The increase in the price of the asset and network performance comes on the heels of partnerships with the social media platform, Telegram. This month, Pantera Capital made an undisclosed investment to the network based on its Telegram partnership, a known motive for the firm.

According to Pantera, the move positions TON to become a larger crypto network leveraging Telegram’s reach. The social platform has over 900 million users and 36.7 million monthly downloads. 

The launch of Notcoin and its airdrop has seen bullish activity around the Toncoin and its network. The buzz was seen because the play-to-earn game was run on Telegram which is tipped to see an increased number of players. About 34 million users have participated in mining these tokens. 

Also Read: Top 3 Dog-themed Memecoins To Sell

The post TON Outperforms Bitcoin By 118%: What’s Driving The Network? appeared first on CoinGape.

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