Despite many crypto investors’ hopes, the start of 2019 did not bring a new rally, nor did the crypto market manage to shake off the bear grip which caused a tremendous price drop in the past year. In fact, the market continues to drop even now. In the past month, the total crypto market value lost around $27 billion, placing it to only $111 billion right now.
However, while nearly all coins are trading in the red, with their charts showing a continuous drop — TRON (TRX) is one of a very few obvious exceptions. In fact, while nearly every other crypto experiences losses, TRON managed to grow by around 100% in five weeks, starting with December 17th.
Before it started seeing gains, TRX price was at around $0.127. However, within only five weeks, TRX managed to climb to around $0.025, according to TradingView. While this is not much when compared to large cryptocurrencies like Bitcoin which move up and down by hundreds of dollars, it is still a huge move for TRX, whose value is still only a fraction of a dollar.
Why did TRON price grow?
One of the obvious questions right now is — why did it happen? After all, TRON went through an entire 2018, with countless partnerships, projects, and other new developments without its price being affected in any significant way. So, why now?
The reason is the recent launch of BitTorrent Token (BTT). BTT is to be native crypto of the BitTorrent’s own ecosystem, and it has been in the works ever since TRON purchased BitTorrent in mid-2018. A little over a week ago, BTT was launched on Binance Launchpad, an initiative that is supposed to launch one coin per month and expose it to millions of Binance’s users.
The response was extremely positive, but also quite unexpected, and the entire token sale was finished after only 18 minutes, even after the platform had issues due to a large number of interested investors.
The launch has seen the sale of 23.76 billion BTT coins which went to holders of Binance Coin (BNB), as well as another 35.64 billion BTT coins which were distributed to TRON holders.
The demand for BTT surprised everyone, although it was a positive surprise. However, it also had quite an impact on TRON’s growth and future development, as it can already be seen from the increase in TRX value.
Another thing to remember is that BitTorrent has millions of users, which is something that no dApp has managed to achieve so far. Despite there being multiple projects dedicated to the creation of smart contracts and dApps, such as Ethereum, EOS, and even TRON itself — not one of them managed to attract enough users to reach the popularity of BitTorrent.
According to TRON’s founder, Justin Sun, there are currently around 1 billion devices in the BitTorrent ecosystem. Due to the number of available BTT coins, that is only around 990 BTT per device, which is likely to allow BTT price to grow as well. The big question now is how many of those users are actually going to want to use BTT.
If it turns out that BTT complicates the use of BitTorrent, this may have negative consequences on the coin, at least when it comes to its adoption by BitTorrent users. Those who use BitTorrent only from time to time for casual file download might not be interested in going to exchanges, making accounts, and learning how to trade crypto just because they can.
Meanwhile, all those who do decide to use the coin will help increase TRON’s own ecosystem, with all of the transactions going through its blockchain network. While it is not clear how many users will opt to do so, it is likely that TRON will have to handle millions of additional requests, with many of them likely being made regularly.
However, TRON’s developers did have scalability in mind since the launch of the blockchain. As a result, it is possible that TRON’s blockchain will successfully handle the requests, in which case all that remains is to see how its price is going to behave.
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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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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
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