Toncoin and Cardano Lead Gains Amid Crypto Market Slump
- Toncoin (TON), Cardano (ADA), and Conflux (CFX) defy the market slump, showcasing resilience with gains.
- TON bucks the trend with a 20% monthly gain overtaking Dogecoin as the 8th largest crypto.
The global cryptocurrency market has displayed a notable downtrend recently. Following a substantial price surge, Bitcoin (BTC) briefly climbed above $63,700 before experiencing a decline that mirrored the overall market trend. In the past 24 hours, the global crypto market saw a bearish reversal, dropping over 2.32% to $2.26 trillion.
Despite the widespread downturn, a few altcoins, including Toncoin (TON), Conflux (CFX), and Cardano (ADA), have managed to post gains.
Top Crypto Gainers of the Day
Toncoin emerged as the top third performer , with a 2.66% increase in the last 24 hours, adding to its week-long ascent of 7% and erasing previous losses. While most assets saw declines in their monthly performance, TON continued its rally and recorded a 20% increase. This upward movement has let Toncoin surpass Dogecoin, becoming the 8th largest cryptocurrency by market cap.
At the time of writing, TON is trading at $7.96 with a market cap of $19.59 billion, now 3% below its all-time high of $8.24. The recent traction for Toncoin can result from its listing on Kazakhstani exchanges and increased investments from Pantera Capital.
Cardano has also showcased notable growth , climbing 3.87% to a peak of $0.4219. This surge has boosted its market cap to $14.85 billion, with a 22% rise in daily trading volume. The recent uptick is likely driven by anticipated network upgrades and increased on-chain activity, suggesting bullish sentiment despite market volatility.
Conflux has been another standout, rising 6.63% in the last 24 hours to a high of $0.1752, topping the gainers list. Over the past week, Conflux has surged over 10%, with a current market cap of $730 million. However, the daily trading volume for Conflux decreased by 28%, indicating some caution among traders.
Overall, while the broader crypto market faces fluctuations and regulatory challenges, select altcoins are showing bullish momentum.
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