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Here’s Why TRON (TRX) Is Only Just Getting Started

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As the cryptocurrency market continues to gain strength and recover from the slight dip we saw at the end of December, many of the major coins are giving way to an increased amount of interest in alternative, small market capitalization cryptocurrencies. Inevitably, this increased interest in coins that fall further down the pecking order from a market capitalization perspective is translating into some upside momentum in tokens that, just last month, would’ve been considered very much off the radar from a mainstream market standpoint.

TRON Daily Chart

TRON Daily Chart

This isn’t to say that the upside in the coins in question isn’t justified, just that they need to be in the spotlight in order to gain strength and, finally, the spotlight is now on them.

One such coin is TRON (TRX).

This one is an interesting one.

At the start of December, TRX was trading for $0.002 a share. At its most recent close, the coin went for $0.16 – a close to 8000% increase in a little over four weeks. To put this in perspective, bitcoin (BTC) gained around 1500% during the whole of 2017.

24-hour volume for TRX hit $2.8 billion this week and the total market capitalization sits at just shy of $11 billion, which is, again, up dramatically from the $150 million market capitalization recorded on December 1.

So what’s driving the action and what’s next?

That’s the golden question, of course, and it’s one that we are going to try and answer below.

So, what’s TRON?

Here’s the blurb: TRON is a world-leading blockchain-based decentralized protocol that aims to construct a worldwide free content entertainment system with the blockchain and distributed storage technology.

That seems pretty vague but the system and the technology behind it isn’t overly complicated. It’s basically a digital content ledger that allows for the free transfer and storage of secure, time-stamped digital content, and the TRX cryptocoin is the token associated with fees etc. on the blockchain.

And why is it running up now?

Well, aside from the fact that the entire cryptocurrency space (weighted towards the altcoin space) is getting a lot of attention at the moment, as outlined above, TRON has picked up quite a few fundamental developments over the past couple of weeks and is pitching to release further advancement news near term.

The company is developing a decentralized messaging app which, in the wake of the recent situation in Iran, has a very firm use case in place as and when it hits the shelves. Further, at the end of December last year, the former data mining chief at AliBaba, Zhao Hong (Marcus) Joined TRON. That’s validation of the company’s positioning in this space.

And that’s not all. Reports of NASDAQ listed companies with more than 100 million users wanting to partnership with TRON are circulating (and are rooted in official company Tweets) ahead of the main-net release, which is slated for this quarter.

There is also a strategic partnership in place with Game.com, again, serving to validate the company’s authority in its target niche.

The bottom line here is relatively simple.

Many of the smaller cryptocurrencies are running up on nothing more than increased speculative attention. In contrast, TRON is running, yes, and to a degree, it’s based on increased speculative attention, but, at the same time, there are solid fundamental developments in place to support the gains. This means that when the wider market corrects, TRON will likely just consolidate and, in turn, push higher as the year matures.

Throughout 2018, then, our thesis on TRON is very much a bullish one.

Let’s see how things play out.

We will be updating our subscribers as soon as we know more. For the latest on TRON, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.


Image courtesy of Tron.

Bitcoin

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

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Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.

Fundamentals

Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.

Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.

Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.

Last week on Thursday, cryptocurrency experts took notice of…

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Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

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Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.

Economic Outlook

Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.

The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.

Additionally, the central bank indicated that three rate…

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Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

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Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.

Fundamentals

Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.

According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.

Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…

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