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TRON Surges by 100% in 30 Days — Can it Go Even Further?

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TRON

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.

Chart courtesy of tradingview.com

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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Altcoins

Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place

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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…

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Altcoins

Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

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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

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Altcoins

Solana Price Breaches $60 Amid a Symphony of Bullish Indicators

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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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