In terms of developments we can all agree that Tron (TRX) is undoubtedly one of the coins that continuously work the most in order to provide its users with a unique experience, and at the same time, it strives to achieve its mission of becoming the virtual coin that manages to make of the internet a decentralized space.
As a matter of fact, only this year Tron has launched its Test Net, migrated their tokens to its own blockchain, launched its virtual machine, started to build its own self-governed community, and has bought BitTorrent as well; which, of course, give us a clear idea of the commitment of the crypto in order to get to the top.
But is this being a functional strategy? Is this actually paying off in terms of price for the TRX token? The answer to these question is actually simple, so far is not.
The conditions of the market are not the best right now (not that stable), and this is a fact that has affected each one of the cryptos in the market, including Bitcoin (BTC) which now trades $6,500 again.
However, we have strong reasons to believe that this will drastically change in the remaining months of the year. Let’s see all of the details behind this asseveration and how far the TRX token is expected to go.
Facts about the TRX price to keep in mind
There’s not a doubt that if we’re going to talk about the future crucial of the TRX token there are a few things we need to consider. For instance, the current price of the token, its all-time high, the price of the coin back on its billionaire ICO, and the volume that the crypto manages to have these days.
In this sense, the TRX token places on the 12th position according to Coinmarketcap with a price of $0.022329, a value that is quite away from the one managed on the ICO of $0.0019, and at the same time, very distant as well from its all-time high of $0.30.
It results notable, that the coin has had significant losses through the dips of the market this year, and this only leads us to conclude that many of the original investors have already sold their holdings in order to find a balance.
Nevertheless, Tron (TRX) has a solid and constant trading volume of $200 million every day, and most of these transactions occur with two of the most important trading pairs such as TRX/USDT and TRX/BTC.
Fiat trading with TRX
One of the things that may boost the price of the TRX token considerably is the aperture to fiat trading markets, because even when the coin has already fiat tradings this is just a tiny portion of its operations, and the right approach in this matter may have great implications for the coin.
But what do we need to see this happening? Well, Tron is lacking gateways, in other words, exchanges that show support of these tradings such as Coinbase, to name one. In this sense, it is necessary that TRON accomplishes to prove that their blockchain is safe and trustable, but this is something that requires time since TRON’s blockchain is only in its early days.
Chinese adoption of TRON’s TRX
Another interesting market for Tron to explore is the Chinese market. As a matter of fact, China is opening up to virtual currencies right now and Tron (TRX), along with NEO, and VET are the likely options for the country to adopt.
If we take time to consider it, there isn’t an interaction of the TRX token with the Yuan, and on the other hand, we can see how the Yuan represents the 1 percent of the operations for Bitcoin, which is pretty much remarkable, to say the least.
If Tron explores this option, it can actually grab the attention of the Chinese market, and the chances of opening to a horizon of this kind represent a massive opportunity for the price to increase in a great measure.
The Satoshi ratio is currently the unit to measure the price of different currencies with respect to Bitcoin (BTC). In this sense, TRX currently has a value of 291 Satoshis. But in the long-term, analysts forecast that the price of the token may have an upturn that could take this value to 615 Satoshis (to read more about the dontFOMO analysis, click here) so we could be speaking of a year closing with TRX being separated in terms of correlation to BTC.
TRX price at the end of the year
If all of the moves continue as they go, Tron (TRX) may get to a price of $0.70 dollars (at least) by the end of the year, and even when it doesn’t seem like an outstanding increase, it would actually represent a huge jump in the current performance of TRX, and a pretty decent change with respect to current prices of the crypto.
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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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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
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