Altcoins
Tron Price Tumbles as DeFi TVL Holds Above $4B
Tron price crashed to the lowest level since November 24 as the crypto market waited for the upcoming interest rate decision by the Federal Reserve. TRX was trading at $0.051, which was much lower than the weekend high of $0.055.
Tron TVL holding well
Tron price has been in a downward trend as investors watch the performance of its ecosystem. Data compiled by DeFi Llama showed that the platform’s TVL has held quite well compared to other chains like Solana and Optimism.
The network has a TVL of more than $4.8 billion, making it the third-biggest chain in the world after Ethereum and BNB Chain. Most of its DeFi platforms have seen their TVL jump by about 6% in the past 30 days. JustLend TV has risen by 5.28% to $3.29 billion. JustStables and SUN.io have risen to $904 million and $601 million.
Tron price declined as Justin Sun moved to reassure the community about the stability of USDD, the algorithmic stablecoin. In a statement, he referred users to the stablecoin’s website, which shows that it is over-collateralized by 200%.
Data in its website shows that USDD has a total market cap of over $725 million against collateral of over $1.4 billion. In contrast, USD Coin and Tether are all backed by 100%. Therefore, it means that all USDD holders can easily demand their funds without affecting its peg.
Tron price also reacted to the ongoing burn rate in the ecosystem. In a tweet, Justin Sun reiterated that the total TRX burned by a transaction on Sunday was over 22.8 million. This means that at that rate, about 9% of TRX will be burned every year.
Tron price prediction
The 4H chart shows that the TRX price has been in a strong sell-off in the past few days. In this period, it has managed to move below the important support level at $0.052, the lowest level on December 7.
Tron price also moved below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) moved lower. Therefore, for now, the outlook for Tron is still bearish, with the next key support for the coin being at $0.050.
XRP price has recorded substantial gains in the past week, jumping more than 20% over the period. The altcoin has been among the best-performing cryptocurrencies in the market. XRP’s total market capitalization currently stands at $23.2 billion, ranking it as the 6th largest cryptocurrency after USD Coin and above Cardano. The total volume of the coin traded in the past 24 hours has declined by more than 27%.
Fundamentals
XRP has experienced significant volatility in its market capitalization in recent years, reaching a peak of $140 billion in early 2018 before plunging to under $10 billion in 2019. The coin was designed to be a bridge currency, allowing seamless transactions between different currencies without the need for a traditional financial intermediary.
Even so, XRP faces stiff competition from other altcoins, particularly ones that focus on cross-border payments. Stellar Lumen (XLM) is one of the cryptocurrencies that was created to facilitate cross-border payments. Additionally, traditional financial institutions have also started creating their digital currencies and blockchain solutions, which could potentially compete with XRP.
Over the years, XRP has been adopted by several major institutions including American Express, Standard Chartered, and Santander. Ripple has also partnered with over 300 financial institutions globally to use XRP for cross-border payments. However, even with adoption, the coin still faces regulatory hurdles in several countries including the United States.
XRP price performance has been subdued over the past few years since the
Dogecoin price has been range-bound for the past few days as investors weigh up the recent banking crisis on fears that the global economy may be headed into a recession. The meme coin has jumped by more than 3% in the past week and gained 7% in its year-to-date price. Dogecoin ranks as the 8th largest cryptocurrency by market cap after Cardano and before Polygon.
Fundamentals
Dogecoin price was trading in the red on Friday, wiping its gains from Thursday’s trading session. The coin has been under pressure for the past month as many investors seem to be backing out of their investments in the altcoin. Elon Musk, CEO of SpaceX and Tesla recently showed a loss of enthusiasm for the meme-inspired cryptocurrency as he expressed his new interest in AI.
Elon Musk’s tweets have always had a substantial impact on the Dogecoin price. Earlier this month, Musk took to his Twitter to announce that he had lost his interest in crypto and gained a newfound interest in AI. His remarks saw the DOGE price dip by nearly 5%, contributing to the significant decline in the coin’s price this month.
The global crypto market has been holding steady above the crucial $1 trillion level for the past few days. At press time, it was at $1.16 trillion, a 0.31% decrease over the last day. The total crypto market volume slipped by 13.78%. More specifically,…
Ethereum price has been hovering around its highest level in 7 months for the past few days amid a boost in the crypto market. ETH has jumped more than 49% in its year-to-date price, increasing 5% in the past week. Ethereum’s total market cap has slipped by more than 3% over the last day, while the total volume of the altcoin traded increased by more than 6%.
Fundamentals
Just like most cryptocurrencies, Ethereum price found support in the recent fiasco in the banking sector. The recent vulnerability in the banking sector pumped liquidity in the global crypto market as investors shifted to other assets such as cryptocurrencies. Bitcoin, the largest cryptocurrency by market cap, saw its price hit its highest level in 9 months, while Ethereum jumped to a 7-month high.
The global crypto market was in the red later on Wednesday as investors chewed on the Fed’s latest interest rate decision. The Federal Open Market Committee (FOMC) announced on Wednesday a 25-basis point hike in the federal funds to 5%, down from 4.75%.
According to a statement by the US Federal Reserve, the FOMC remains highly attentive to inflation risks as it seeks to achieve an inflation rate of 2%in the long run. The Committee also announced that it anticipates additional policy firming to help in attaining a stance of monetary policy to aid in achieving the 2% target.
According to the Fed’s…
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