Tron (TRX) is fighting to pull itself up from the price deprecation it encountered for some time as it trails other cryptocurrencies. Currently, the market is performing dismally swimming in the red sea (again) as virtual currencies recording trading lows that can only be compared to the lows of October and September 2017.
The cryptocurrency selloff that began in the first days of August has gone viral and looks unstoppable. Going by last weekends trading, the market showed signs of recovery with the consolidation of the losses that had been encountered. However, virtual assets took yet another fall this week and the better part of trading on Tuesday 14.
For instance, Ripple (XRP) declined 3.77 percent to trade at 0.26 US dollars early this week with Ethereum (ETH) prices falling below the 300 US dollar mark to find a new support level at 250 US dollars.
Bitcoin Cash was also not spared, as it fell to exchange below the 500 US dollar mark to exchange at 497 US dollars. Bitcoin Cash now embraces a new support level of 480 US dollars. This negative market trend reflects on a majority of virtual coins and altcoins in the crypto ecosystem.
However, for the prices of any virtual currency to skyrocket, it needs to increase its circulation in the market and Tron (TRX) has been doing a great job in putting itself out there increasing its chances of real-life usage. And following the current trends Tron (TRX) has been showing, it is safe to say that the digital coin is going to experience a significant price surge shortly.
But what are some of the factors that might lead to Tron’s upwards movement, you might ask. The following are some of the reasons we think might positively impact the virtual currency in the coming few days, weeks, and months.
The Acquisition of BitTorrent
Early this month, the crypto community woke up to the news that Tron (TRX) had successfully obtained BitTorrent plus the positive launch of its mainnet platform aiding in increasing the coins transaction volumes. The move according to many shows Tron’s positive maturity although recent price movements are yet to reflect this good news.
BitTorrent continues to offer high-quality peer-to-peer services to over 100 million customers all over the world as the acquisition of the company was aligned with Tron’s mission of decentralizing the internet.
The challenge remains that BitTorrent mostly deals with pirated contents and its users are used to using BitTorrent’s services for free. How Tron intends to profit from this remains unclear. But one thing is certain, if Tron manages to take advantage of 100 million users of BitTorrent, its price might hit the tallest mountain in our world if not the moon.
Tron’s Acquisition of BlockChain.org
Following the purchase of BitTorrent, Tron (TRX) went ahead to acquire, Blockchain.org, a top-level domain name that many consider as one of the significant acquisitions ever made in the blockchain industry.
And the plans Tron intends to do with the domain name is to make it a decentralized Google for the crypto community members and the entire blockchain industry as the default search engines usually lack complete information about the industry.
Tron will not benefit from this venture in any direct monetary way as the project is categorized as a non-profit venture, but it will surely have some indirect positive influence in its prices as it will assist in increasing consumer confidence in Tron (TRX) as a blockchain and a currency.
Consequently, the above two are just a couple of reasons among many to believe we could witness a huge Tron (TRX) price surge in the near future. Of course, for that to happen, the market needs to have a nice rally, as well as Tron, needs to make use of its user-base in a way that turns the table for the cryptocurrency.
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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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XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…