Leading cryptocurrency Bitcoin surged after the SEC approved spot ETFs in January.
However, there are some altcoins that have surpassed even BTC with their rise. One of these altcoins was Toncoin (TON).
Analyzing Toncoin's performance, CryptoQuant analyst said that TON has outperformed Bitcoin by 118% since the beginning of 2024, outperforming other popular layer one chains (L1).
Stating that TON and BNB, two of the popular layer 1 blockchains, are two altcoins that managed to significantly outperform Bitcoin in 2024, the analyst said that TON is a cryptocurrency worth watching in the bull cycle.
Stating that behind this tremendous performance of TON is an active and strong community with the support of Telegram, the analyst said that TON is in an upward trend against both USD and BTC:
“Since the beginning of 2024, TON has outperformed Bitcoin by 118%, while other popular layer-one chains have struggled to find strength.
One of my favorite ways to invest in altcoins is to identify which projects have a positive trend against both USD and bitcoin values.
Of the main 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 combined with Telegram's network effect makes it a cryptocurrency worth watching this bull run. “
*This is not investment advice.
