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The Impact of Tron’s Latest Testnet Launch

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Testnet
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Most cryptocurrencies which are backed by a strong development team, a growing community and a number of interested investors are subject to regular updates, as developers try to address past issues and fix them. Not only that, cryptocurrencies can release network trials called Testnets, where developers and other participants can check the system to see if everything is moving smoothly. Such is the case for the Tron Foundation, which launched its testnet on March 31st, as indicated by Tron’s CEO, Justin Sun.

About the Testnet:

Tron, which currently ranks 14th at the time of writing, has experienced remarkable success in recent months since its $ 70 million Dollar ICO in 2017, with its value reaching a peak in early January. However, as the Cryptocurrency market, in general, has experienced an overall slump, Tron was no exception. Currently Tron is valued at $0.031892 USD with a formidable market cap of $2,096,854,504 USD.

The testnet launch was announced via periscope and is considered one crucial steps in the team’s roadmap. However, the entire journey has not come without some hiccups, as a large part of crypto investors have pointed out the lack of progress and the general slow movement of the project, contributing to some degree of negative market sentiment against it. In fact, when the overall market began correcting, Tron’s investors started demanding answers which further dragged the price further down due to panic. Tron’s testnet is supposed to be a step in the right direction for the token, as the price was expected to slowly recover following the announcement. The CEO also confirmed plans for a coin-burn event, where that they would regularly burn TRX tokens. This comes as a sigh of relief to investors since the TRON organization holds over 34 billion TRX tokens which are highly valued.

The Outcome:

Contrary to what crypto-analysts and the Tron team itself predicted, prices for Tron continued to drop by a staggering 18 % (approx.). This can be attributed to the overall effect of the Cryptocurrency market, with its price slated to drop even further in the coming days. Tron’s market cap has also been seriously affected, falling below the $2 billion mark.

The testnet announcement, which was supposed to have a positive effect on the community as well as Tron’s price, did not pan out that way. In fact, the project’s market cap has dropped by nearly $900 million as of 02/04/2018. Cryptanalysts believe that Tron’s decreasing price levels may be a direct symptom of the on-going struggles in both the Bitcoin and Ethereum market. It experienced a dip in excess of 12% against both Ethereum and Bitcoin, the two pivotal cryptocurrencies that indirectly “run” the market.

Future Prospects:

As of now, Tron’s market situation does not look good at all, even though the position is still recoverable.  Many investors are exiting the Tron market, citing the overall plunge of Bitcoin and Ethereum markets are the main reason. Such is the case for a lot of altcoins including Monero, Litecoin, Dogecoin, Reddcoin etc.

On the plus side, Tron’s performances in the last 24 hours in various crypto-exchanges such as Binance, Upbit, Huobi, and Bittrex are positive signs for the future. However, these developments will not matter if there isn’t an influx of fresh capital to the project.  That being said, Tron’s price is expected to decline in the coming months, along with the Cryptocurrency market in general. However, if past movements and trends are to be believed, the market, in general, may bounce back, bolstering the values of exciting altcoin projects such as Tron’s.

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 and read our full disclaimer.

Image courtesy of Rachel via Flickr

Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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Bitcoin crash
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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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