Previously, Toncoin led the pack in year-to-date (YTD) gains among major cryptocurrencies. However, Sui [SUI] has emerged as a strong competitor, making substantial profits in recent days that have propelled its value to an all-time high.
Early Dominance of Toncoin
At the beginning of the year, Toncoin [TON] garnered significant attention within the cryptocurrency community. Initially priced at around $2.3, TON witnessed a rapid surge in value from March onwards. By June, Toncoin had soared to over $8, marking a remarkable upswing.
As per data from CryptoRank, Toncoin recorded impressive YTD gains of over 126%, a substantial increase when compared to Bitcoin, the leading cryptocurrency, which has grown by 51% YTD.
Interestingly, Sui was not even on the radar for top YTD performers during this period.
Currently, TON is trading at about $5.2, with a modest daily growth of over 1%. Nevertheless, Toncoin is currently experiencing a bearish trend, evident from its Relative Strength Index (RSI) dropping below the neutral mark. This downward movement signals a slowdown in recent price momentum.
Sui Surpasses Toncoin’s Performance
Sui has now outpaced Toncoin as the cryptocurrency with the highest YTD gains. Analysis of Sui’s price performance shows that its YTD returns have exceeded 180%.
Recent data from CryptoRank indicates that Sui has achieved an impressive 187.7% gain, positioning it as the leading performer among the top 20 cryptocurrencies.
Presently, SUI is trading at around $2.2, marking a 3% drop from its recent peak of $2.3 observed in the previous trading session. Starting the year at about $0.6, Sui has demonstrated significant growth within a short span.
Although there was a recent downturn, Sui’s RSI is still in the overbought zone, hovering around 70. Despite a slight dip, it remains comfortably in the overbought region, indicating potential room for further price corrections.
Toncoin Retains Market Capitalization Lead
Despite Sui’s recent surge and higher YTD gains, Toncoin maintains a considerably larger market capitalization. As reported by CoinMarketCap, Toncoin’s market cap stands at approximately $13.4 billion, placing it as the tenth largest cryptocurrency by market cap.
In contrast, Sui, despite its impressive recent growth, holds a market capitalization of $6.2 billion, ranking it 17th among the largest cryptocurrencies.
While Sui has outperformed Toncoin in terms of YTD profits, it still lags behind in overall market dominance.