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Tron (TRX) is about to breakout. Don’t sell it just yet (not at all)!

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Tron TRX

Tron’s Tronix’s price has been stuck lately despite all the fantastic developments and milestones that the Tron project has achieved over the last two months. But this is mainly due to the enormous influence Bitcoin has over the cryptosphere and it’s been doing poorly lately. The whole market has been under the bear’s hug for a while now (except the last couple of days), and it has nothing to do with Tron (TRX).

As the market has turned green in the last couple of days, many speculators have been thinking about selling Tron (TRX) as they think this is the high time they can save themselves from losing their money (those are the ones who think they picked a wrong coin). The current situation is an excellent opportunity for those who don’t own any TRX to get some, and those who do already hold some Tronix coins should keep them. Yes, don’t sell because it is just the beginning and Tron is about to explode and I’ll explain to you why.

Let’s start with the most straightforward reason: market mechanics. During the market’s last bullish run Tron achieved a historical high of 0.23 USD. It’s now 0.02 USD which is almost 15% of its maximum value. That alone is enough to suspect that, in the next bullish run, TRX has a lot of room to recover, and it probably won’t just recover but surpass that 0.23 limit.

Keep also in mind that the peak happened at a time in which the Tron project was not even five months old and was doing a lot more marketing than development. But now the tables are turned. Which brings us to the next reason. Well, several reasons but they all have to do with a root cause of development.

At this point, Tron is a much more robust project than it was months ago. It’s secured some important partnerships (one of them happened just recently, with Line); it’s gone 100% independent from the Ethereum platform and ERC20 token, its new virtual machine is already live and, most amazingly, it bought BitTorrent, no less.

Let’s talk about BitTorrent. It’s the world’s main peer-to-peer decentralized information sharing network, with 150 million users worldwide. It’s enormous, and it’s the only relevant service of its kind because it drove every competitor (eDonkey, eMule, etc.) out of the market.

Tron announced as the current month began that Project Atlas which will be a fusion of sorts of Tron and BitTorrent in such a way that BitTorrent will use Tron’s new Main Net as its base platform. That alone will increase BitTorrent’s performance significantly, but there’s more. Tron plans to use TRX tokens to create incentives for torrent users to seed their content for longer times. And there’s 150 million of them. All those users will become, maybe some unknowingly, new Tron users that will be driving the network and will be creating demand and utility for TRX.

Another new feature in the Tron environment is the virtual machine which has been getting excellent reviews. Some have called it the most versatile tool ever to hit the cryptosphere, and they compare it to the 80’s TV character McGyver who was famous for his ability to build a nuclear bomb using only duct tape, two spoons, a saucepan and a swiss army knife.

To keep things short, let’s say that today’s Tron is a different beast than it was a semester ago. The community is much bigger, more committed and while back then it seemed like the promise of an excellent blockchain project, many of the features envisioned for the future are now a reality. Today Tron has real utility to solve real-world problems which means that when the next bullish run shows up, Tron is going to explode spectacularly.

Last but not least (I probably have noted this several times in my articles in the past), we’re talking about a very young project. It’s barely one year old, and it’s already achieved so much in such a short time. Just imagine what it will do over the next year now that its foundation is laid and has proven to be substantial. 

Mark our words. Tron will explode (the last couple of days’ highs are just the beginning) sooner or later. Don’t sell just yet. And yes, it hasn’t uncoupled from the king, Bitcoin, as yet – so if market shakes, it will follow the footsteps too no matter what it does as of now, but Tron looks bound to succeed ultimately. Patient ones might have their dream car.

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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.

Image courtesy of Yosh Ginsu on Unsplash

Bitcoin

Bitcoin Price Could Get Extremely Ugly – Barrons

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Bitcoin (BTC/USD) price recent rebound has faded and its easy to see why. After soaring to a two-month high of $21,470, Bitcoin has pared back some of those gains to trade at $20,895. This decline is mostly because of the fundamentals and technicals of the coin as I will explain below.

Bitcoin Fundamentals

The main fundamental reason why Bitcoin is pulling back is the rising fears of a recession. A recent survey by WSJ placed the risk of a recession in the US at 61%. That is notable since it is the highest the figure has been in months. 

At the same time, Wall Street banks like Goldman Sachs, Citigroup, and Wells Fargo published weak financial results. Most of them said that their profits tumbled by more than 30% in the final quarter of 2022. Reading between the lines shows that most of them have allocated millions of dollars in credit loss provisons.

Historically, these provisions tend to rise when there is a fear of a recession. At the same time, many safe American companies have starte announcing substantial layoffs recently. Amazon is laying off 18,000 people while Microsoft, Salesforce, Meta Platforms are laying off thousands of workers. In a note, an analyst at Oanda said:

“Bitcoin prices are weakening as growth fears have Wall Street worried a…

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Bitcoin

2 Reasons Why Bitcoin Price is Soaring in 2023

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Bitcoin price has staged a strong comeback in 2023 as investors rushed to buy the dip. The BTC/USD exchange rate surged to a high of 21,465, the highest level since November. It has risen by more than 30% from the lowest point in 2022. Here are the top reasons why BTC price is soaring.

Mild recession hopes

Bitcoin and other financial assets like stocks and gold have rallied because of the falling inflation in the United States and around the world. Consumer inflation dropped from 7.1% in November to 6.5% in December. Core inflation dropped to 5.7%. 

And on Wednesday, data from the US showed that wholesale prices dropped by 0.5% in December, higher than the expected 0.1%. The producer price index (PPI), rose by 6.2%, the lowest level since March 2021. This decline happened because of the falling energy prices.

Another data showed that retail sales tumbled in December. They dropped by 1.1% in December, the biggest decline in 2022. In a note, an analyst at RSM said:

“The lag impact of elevated inflation weighs heavily on U.S. households, it’s very clear that the median American consumer is still reeling from the loss of wages in inflation-adjusted terms.”

A recession is often seen as a bad thing. But in the financial assets, it can be seen as…

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Bitcoin

Bitcoin Price is Getting Severely Overbought: Is it a Buy?

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Bitcoin price made a spectacular comeback in the past few days as investors reflect on encouraging data from the United States. The BTC/USD exchange rate surged to a high of $21,365, the highest point since November. It has risen by more than 35% from the lowest level in November. So, is the tide turning?

Will the Fed pivot?

Bitcoin and other global assets continued surging as investors reacted to the latest American economic data. Data published last week revealed that the American consumer inflation inched downward in December. It dropped to 6.5% in December, the sixth straight month of decline.

A week earlier, data by the Bureau of Labor Statistics (BLS) showed that the country’s unemployment rate dropped to 3.5% in December. In the same period, wage growth increased by 4.7%, lower than the previous month’s 5.2%. A decline in wage inflation is a positive sign for Bitcoin and other financial assets because of the Federal Reserve.

The Federal Reserve has been in a strong tightening phase in the past few months as it continues its battle against inflation. Its goal is to soften the economy and prevent a hard landing. Such a situation will happen when wage growth eases. 

Therefore, Bitcoin has risen because of the rising chances that the Fed will start to pivot. Historically, Bitcoin and other…

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