Connect with us

Bitcoin

This Very Near Term Catalyst Could Send TRON (TRX) Soaring

Published

on

Back at the start of December last year, TRON (TRX) was trading for around one-fifth of a cent. By January 5, 2018, the coin had risen to $0.25, gaining more than12,400% I a matter of weeks and securing its position on every crypto watcher’s radar heading into the new year.

Since then, of course, the wider cryptocurrency space has suffered a steep correction and Tron is no exception. Indeed, given the coin’s incredible run heading into the close of last year, its correction has been arguably a lot more severe than was the case for many of its altcoin counterparts.

TRX Hourly Chart

TRX Hourly Chart

Right now, Tron is priced at $0.06 a piece and commands a market cap of a little over $4 billion. Daily volume is down (to somewhere around $315 million, which is nothing to scoff at, but it’s a fraction of early January’s $4 billion twenty-four-hour volume) and sentiment seems decidedly weak.

We think, however, that current conditions are far from representative of this coin’s longer-term potential and that, at current prices, there’s an incredible opportunity to jump in and pick up some cheap coins in anticipation of a turnaround.

What makes us say this?

When this coin started to run, it was a combination of factors that drove the appreciation, some fundamental and some technical. A big part of it, however, was FOMO. That is, Fear of Missing Out. Market participants had seen other coins take off from the sub-penny level and, in response, were buying into this coin in anticipation of a similar sort of appreciation.

And these participants got what they were looking for. The coin ran, and ran considerably, and anyone that jumped in and out at the right time pulled a handsome profit from the market.

Right now, however, things are down, and this coin once again looks attractive as a speculative penny play.

There’s a psychological significance associated with picking up a thousand coins, or ten thousand coins, which (for the vast majority of people) is out of reach when it comes to the more established cryptos – bitcoin, Ethereum, etc. This psychological significance is arguably invalid (since you can pick up fractions of coins) but it exists nonetheless.

Based on this, people are looking for coins that they can afford lots of and, of these coins, there are probably three or for that are most attractive and, at the same time, viable as potential long-term gainers.

For us, Tron is at the top of the pack.

And we’re not just looking at long-term potential as buoyed by near-term psychological significance here.

There’s a key catalyst just around the corner – one that could serve to get the coin moving on its announcement.

Take a look at this tweet:

 


This is from Justin Sun, founder of Tron, published on January 25, 2018.

Right now, the only major USD listing of TRX is on Bitfinex. This limits access and, in turn, liquidity. Both of these things create a demand bottleneck. If the latest exchange listing is a major one (say, Bittrex or alternative), we could see a flood of TRX buy volume rush into the markets and, in turn, a spike in volume and coin price.

If this happens, the FOMO at current levels will amplify, compounding the inflow of speculative bullish volume and pushing the coin higher.

We are waiting patiently for the news…

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

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.


Image courtesy of Tron

Continue Reading
12 Comments

Bitcoin

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

Published

on

By

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…

Continue Reading

Bitcoin

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

Published

on

By

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…

Continue Reading

Bitcoin

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

Published

on

By

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…

Continue Reading

Trending