Altcoins
Justin Sun Bullish On TRX and BTT
While TRON (TRX) managed to become one of the most popular projects in the crypto history, the coin itself has been in and out of the list of 10 largest cryptos by market cap several times by now. Recently, it got pushed out of the list once again, although not very far. After briefly holding the 10th spot, it got replaced by Cardano (ADA) which is, similarly to TRON, yet another challenger to Ethereum.
Meanwhile, TRON’s founder and CEO, Justin Sun, appears not to be worried about the current situation. In fact, he recently stated that he believes TRON will climb back up among the top 10 coins within a month. However, he gave another prediction, and this one appears to be quite bold.
Justin Sun’s TRX and BTT predictions
According to Sun, another cryptocurrency that recently joined the TRON ecosystem, BitTorrent (BTT), will soon see a massive surge which will bring it among the top 30 coins. Sun predicts that this will happen at some point during Q2 of this year.
#TRON will be back to Top 10 in June! #BitTorrent will be Top 30 in Q2! Let's wait and see! #BTT $BTT $TRX #TRX
— Justin Sun???? (@justinsuntron) May 7, 2019
Of course, Sun’s bullishness when it comes to TRON, and now BTT, is nothing new. The popular crypto entrepreneur has always known how to use current events, as well as his influence in the community in order to boost coins’ popularity and exposure. In addition, BTT has managed to climb quite high, considering that it is less than half a year old, being launched on January 28th.
At the moment the 30th largest cryptocurrency by market cap is Decred (DCR), with a market cap of $255.42 million. BitTorrent token, however, sits at the 50th spot with a market cap of $136.48 million. The coin would, therefore, need to nearly double its market cap in order to rise through the ranks.
To do so, BTT would need to see massive demand in the next few months. The coin does have a use case, as it serves as an incentive for torrent users to upload content on the BitTorrent network. Meanwhile, those downloading content can use the coin to achieve better download speeds. Right now, the token only functions with BitTorrent’s native client, but it is important to remember that this is a protocol, meaning that anyone can develop their own client, provided that they have the knowledge.
The main question is whether or not these predictions can actually come true? In order for it to happen, both coins will need to see a massive surge in demand. While TRON does seem to come up with a plethora of new dApps, most of which are gambling-related, which seemingly boosts its volume and usage — can the same be said for BTT?
Can BTT rise through the ranks?
BitTorrent has, is, and likely always will be used for piracy, and BTT now allows users to make a profit of it. While this is frowned upon at best, and usually fully illegal, the questionable morality is not the only thing stopping people from rushing towards BitTorrent and BTT. After all, there are countless cheap streaming services, such as Netflix or Spotify, not to mention free outlets such as YouTube.
There are ways for creators to earn money by offering or approaching content, without having to risk getting involved in legal issues by downloading and uploading copyrighted materials. Of course, trying to predict the future of any cryptocurrency is impossible, and speculation at best. No one managed to predict that cryptos will crash by over 80% in 2018, nor that the bear market would last for an entire year.
However, high volatility and unpredictable nature of cryptos allow for anything to happen so Sun’s prediction may come true after all. Additionally, there is always a possibility that Sun knows something that the rest of the community does not. Perhaps something new is coming, and it will allow both cryptos to surge up and beat the competition. As things are now, it is much easier for TRX to return to the top 10 list than for BTT to climb up for 20+ ranks. As for the prices, 1 TRX is almost enough to buy 40 BTT, meaning that the coin would have to see a major price boost in order to reach the top 30.
For now, there are more questions than answers, which is often the case with crypto, and all that remains is wait and see whether Sun was right or not.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.
SOL’s Bullish Cues
Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.
In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.
Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…
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