What is Tornado Cash?

Tornado Cash (TORN) is an altcoin currently ranked 471st by market capitalization across all crypto assets we track. It trades alongside other digital assets across centralized and decentralized venues globally.

Market position

At the current price of $5.88, Tornado Cash carries a market capitalization of $22.40M. Daily trading volume across exchanges sits at roughly $1.27M. That works out to a 24-hour turnover of about 5.65% of the float — consistent with healthy market activity for a mid-to-large cap asset.

Price action across timeframes

Over the past 24 hours, Tornado Cash has moved ++3.59%; over the past week, Tornado Cash has moved -7.95%. Short-term and long-term direction diverge here, which often happens at inflection points where a trend is either reversing or pausing.

Cycle position

Tornado Cash is currently trading far below its all-time high (all-time high of $431.69, -98.6% from peak). Late-stage capitulation territory — the riskiest end of the cycle but historically the highest-reward.

Supply & dilution

The circulating supply stands at 9,999,998 TORN. There is no explicit cap on maximum supply — issuance follows a programmatic schedule defined in the protocol.

Volatility profile

Recent price action puts Tornado Cash in the Moderate-volatility bucket. The asset shows the kind of price movement common in mid-cap crypto assets — meaningful but not unusual.

How to evaluate Tornado Cash

A balanced read on TORN typically considers three lenses:

  • Network & on-chain activity — does usage justify the valuation? Live activity (above) should ideally trend up over time.
  • Cycle position — current price relative to ATH (above) sets the risk/reward asymmetry. Closer to ATL is mathematically lower downside; closer to ATH is higher downside.
  • Comparable assets — how is TORN performing against the broader crypto market (BTC, total market cap) and against peers in the same sector? The benchmarks chart on this page shows this directly.

This page combines live market data, on-chain stats where available, exchange-by-exchange volume, and our forecast model so you can answer those three questions in one place. Nothing on this page is investment advice — it's a structured starting point for your own due diligence.