Altcoins
What Price Will TRON Be In A Year?
Cryptocurrency price predictions during a bear crypto-market are pretty hard to make. ‘Bullish factors’ such as technical developments in a blockchain project, are erased in an instant when Bitcoin (BTC) drops like a rock in the markets. Evidence can be seen when BTC was valued at $20,000 back on the 17th of December that year. The King of Crypto would then gradually decline to current levels of $6,500 and in the process, taking down the entire crypto market with it. Tron (TRX) was not left behind in the decline either. This has us asking, what price will Tron be in a year?
The Jinx Of Tron Events in 2017
The project led by Justin Sun has pumped good news after good news in terms of project developments ever since the Testnet was launched on the 31st of March. However, all this good news have not helped the TRX coin from regaining past glory at levels of around $0.30 witnessed back in January. As a matter of fact, whenever there was an event on the Tron calendar, the digital asset kept falling further in value.
What price will Tron be in a year?
This then brings us to the first reason why Tron (TRX) has nothing but a good future ahead. The fact that there are no more major launch events on the Tron calendar, means that the coin can gain in value in a natural manner and based on its network superiority. This is similar to how ETH grew from levels of $10 to $1,400 in less than a year without any major announcement about a change in its network code, or marketing from the Ethereum team.
Doing the math, this was a percentage increment of 13,900% by ETH in that 12 month period. Using a similar scenario of the Tron network being adopted in a manner similar to that of Ethereum last year, we find TRX being valued at $2.78 twelve months from now – and using its current value of $0.020 in the crypto markets.
GoSeedIt Factor
Of course, this is pure speculation, but given the fact that the Tron network is bound to encompass the best in DApps, we find a situation where TRX will find its utility in the network. There is also the other factor of the GoSeedIt platform that allows social media users of Twitter and Telegram to tip each other in TRX. As a matter of fact, before GoSeedIt went live at 100% capacity, the amount of Tron accounts on the Mainnet stood at around 62,000. Now, the Tron mainnet has a total of 350,000 at the moment of writing this. This is a 464% increment in a one month period due to GoSeedIt.
BTC and Institutional Investors
Another factor that could lead TRX to be valued at $2.78 in 12 months, is the fact that Bitcoin is scheduled for mainstream adoption as an investment option by institutional investors from Wall Street. Without even mentioning the Bitcoin ETF at the SEC, we find that Coinbase is gearing up towards becoming the NYSE of crypto by going on a hiring spree; launching custody services, and planning its own ETF.
There is also the Bakkt firm that is to be launched this November. Once this firm is up and running, its chief goal is to make Bitcoin and other digital assets, the choice investment instruments for regular individuals and institutions including those that handle retirement funds.
Summing it up, we have thrown a rough estimate of TRX’s worth in one year at $2.78 using Ethereum’s growth last year. There is also the added factors of TRX being tipped via GoSeedIt on Twitter and Telegram to boost demand for the digital asset. We also have the added bullish factor of institutional interest through firms such as Bakkt. We forgot to mention that Bittrex is now offering TRX/USD pairs. Therefore, Q4 of this year should be a time to see TRX slowly take off in the markets.
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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. The author is long Bitcoin. 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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