Toncoin displaced Cardano from ninth place in ranking the largest cryptocurrencies by market capitalization.

According to data from CoinMarketCap, Toncoin (TON) has overtaken Cardano (ADA), reaching a market capitalization of $23.1 billion against ADA’s $21.5 billion at the time of writing.

The change in the ranking of the top 10 largest cryptocurrencies by market capitalization follows along with the subsequent growth of TON, which again updated its all-time high on April 9 for the second time since the beginning of the month.

The cryptocurrency reached a high of $7.08 and is trading at $6.63 at the time of writing, up 8.6% over the past 24 hours.

Toncoin makes strides amid upgrades

The price of TON has risen by more than 135% over the past month, while the price of ADA has fallen by 15%. With further decreases, the price of TON is up 183% year-to-date (YTD), while the cost of ADA is down 1.3% YTD.

Toncoin’s update to new highs follows a series of initiatives by the TON team. The TON Society announced a partnership with HumanCode, developers of AI solutions, to introduce biometric identification in the Telegram messenger.

The TON community also announced the launch of a one million Toncoin incentive program to support the implementation of the new digital verification standard.

At the end of March, Telegram announced it would integrate payments into TON positively impacted the Toncoin rate. Users can buy advertising in the messenger for an ecosystem token, and content authors can receive rewards for posting ads.