In recent news, the cryptocurrency market has been abuzz with the sudden rise of TON, a lesser-known cryptocurrency that has climbed up the ranks to secure a spot in the top 10 cryptocurrencies by market capitalization. TON’s recent surge of over 20% in the past 24 hours has pushed its market cap to $23.75 billion, placing it in the 9th position and surpassing the well-known cryptocurrency Cardano, which stands at $21.74 billion.
TON Rises into Top 10
However, this unexpected rise of TON has raised questions about the stability of ADA’s position in the rankings and has become a cause of concern for some investors. Bill Morgan, a pro-XRP lawyer, recently took to Twitter to highlight TON’s rise and its potential impact on ADA’s standing in the market.
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TON has burst into the top 10 and flipped ADA for 9th position. So many people thought #XRP would fall out of top 10 but ADA is more at risk of that fate as it is not that far ahead of AVAX for 10th spot. pic.twitter.com/pq8K63hJgw
— bill morgan (@Belisarius2020) April 8, 2024
Despite concerns about XRP’s standing, it is ADA that now faces the risk of slipping out of the top 10, with AVAX closely trailing behind. TON’s sudden surge has made ADA’s foothold in the top 10 rankings even more vulnerable than ever before, which is a cause of concern for investors.
Community Competition
The competition between Cardano and XRP has been a topic of discussion within the crypto community, with tensions occasionally flaring between key figures. Earlier this year, Charles Hoskinson, the founder of Cardano, criticized the XRP community, alleging coordinated attacks against him. This community rivalry has contributed to the dynamic and unpredictable nature of the cryptocurrency landscape.
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Price Movements
While TON has surged by over 20% in the past 24 hours, trading at $6.78 with a market cap of $23.73 billion, Cardano saw a relatively modest increase of 1.02%, trading at $0.6022, with a market cap of around $21.52 billion. Meanwhile, XRP maintained stability, registering a slight uptick to $0.6078, with a market cap of $33.54 billion. The price movements in the cryptocurrency market have left investors wondering about the future of these cryptocurrencies and their place in the overall market.