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Recent Tron TRX slumps are about to change with BTC value correction

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Tron TRX
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We all have been anxious and worried about the conditions of the crypto market during the last couple of months, a situation that, to say the least, has pushed us to formulate many questions among which the most important probably is, when will the market start recovering from the recent drops? Well, as it seems all of our prayers have been heard as Bitcoin (BTC) has managed to recover from the generalized dip just recently, a fact that definitely translates one way only, a bullish trend is about to start in the landscape.

The fact that BTC is the one coin that is starting to show a bullish behavior is for sure one of the greatest news ever, in fact, BTC represents a huge support for many coins among which Tron (TRX) is well-worth of mentioning. Like this, it is just a matter of time before the TRX token gets on a price recovery, which is expected to happen just when the 6700 mark is surpassed by Bitcoin.

Tron (TRX) by its part didn’t do that much during the last seven days, but as it’s expected the token is going to be acting in accordance to Bitcoin’s behavior, which of course, leave us with a positive sentiment knowing all of the conditions are set for us to see a market in a bullish run. Let’s see the main reasoning behind the asseveration.

Bitcoin importance for market stability

Many strategies have been deployed to stop the volatility of the market when it comes to the prices of certain coins. For instance, the integration of Tron (TRX) of the trading pair TRX/USDT, an exchange whose intention is mainly to recover the price of the token even when BTC doesn’t recover.

However, even when these strategies have collaborated with the market in general terms, the fact is that the big coins are the ones that are not backed by fiat, like BTC, to name one. At least, for now, Tron (TRX), and other altcoins cannot separate itself from BTC, it will take time.

Institutional money is coming in the game, that’s why Bitcoin is going up, and with it, Tron (TRX) will rise in value too. So, if you’re looking to invest in a good bet, both coins represent a good option right now.

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Tron’s wildcards

Although the price of the TRX token is expected to correct with the assistance of Bitcoin (BTC), Tron has built a number of strategies to ensure this becomes a reality. Some of them are the following:

  • Dapps

With the recently installed Main Net, Tron is targeting decentralized applications to operate on its blockchain, and this is something that is already on the making with thousands of Dapps getting in line to migrate.

  • Tron Virtual Machine

Tron is launching its own virtual machine at the end of July, a fact that surely will call the attention of many developers in the sector.

  • BitTorrent

The CEO of the company, Justin Sun, recently managed to acquire the biggest peer-to-peer platform BitTorrent, a milestone that brings the token closer to build a decentralized internet.

  • Secret project

To keep the hype alive (as always), Tron has announced that is working on a secret project that will bring lots of benefit for the coin. Although still nothing has been confirmed yet, it is expected that it creates a great traction for the digital currency in no time. A lot of good strategic things happening, don’t miss the chance to be on the winning side as Tron kisses the skies soon. Stay tuned.

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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 Maxpixel.net

Bitcoin

Ethereum Flippening Bitcoin In 5 Years?

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Ethereum flippening Bitcoin
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The dominance of Bitcoin (BTC) in the crypto markets due to the bear market, currently stands at 55.2%. Ethereum’s dominance is a distant second at 10.8% of the total cryptocurrency market capitalization. This is despite the fact that the value of ETH is still shaky with many traders postulating that it could get worse for the digital asset before it gets better. Ethereum’s decline has been blamed on three factors outlined below:

  1. Congestion issues on the network
  2. ICOs cashing out the ETH raised in the ICO boom of last December to late February this year
  3. Traders shorting ETH due to the above two reasons

Ethereum Flippening Bitcoin?

In a tweet on the 18th of September, Weiss Ratings stated that ETH will grab 50% of Bitcoin’s market share in 5 years. Doing the math, this means Ethereum flippening Bitcoin in the markets with a dominance that will be around 38%. BTC would be at half its current value, and at 27.6% of the total crypto market cap.

The full tweet from Weiss Ratings would go on to explain why this would happen:

“#Bitcoin will lose 50% of its #cryptocurrency market share to #ETH within 5 years, due to it offering more uses and being backed with superior #blockchain technology. We completely agree – unlike #BTC, which is a one-trick pony, the limit of…

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Bitcoin

Crypto News: What Happened To Bitcoin?

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The crypto news of the day is what the heck happened yesterday in Bitcoin? In a matter of 2 hours, we saw the Bitcoin price go from 6320 to 6080 on Bitmex and then rocket higher to 6580. In the process, stops were cleaned out for both longs and shorts.

For all of 2018, Bitcoin has been a perfect vehicle for swing traders. The market has been playing support and resistance levels perfectly. The play has been to buy Bitcoin around the 6000 level and sell above 7000. Until this pattern changes, it’s what traders and investors need to keep doing. Yesterday’s price action, while crazy and extreme, does still support this strategy.

Why the crazy move in Bitcoin?

There are a number of thoughts as to why Bitcoin made the move that it did. They are technical related and don’t involve a fundamental reason. The first is that there are bots on Bitmex that go hunting for stops. The bot utilizes inside knowledge of where the orders are clustered. If the bot can move the market to where the stops are, it can get filled.

The second is that yesterday was the expiration of the CBOE futures contract. I am an ex-futures trader (now crypto) and know that expiration days can see some crazy moves. This is because it’s the last day to close a position on that futures contract.

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XRP Rally Lifts Bitcoin and Ethereum

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It’s quite surprising to be writing this, but the XRP rally lifted Bitcoin and Ethereum off yesterday’s lows. As I wrote yesterday in covering Bitcoin, my bullish enthusiasm was dampened by Bitcoin’s $300 drop. XRP rising has given renewed hopes that the lows for the year are in and higher prices are ahead.

XRP Rally

The most frustrating part about the XRP rally was the news put out by our competitors. We read the XRP rally was due to xRapid launching soon and also that a major Saudi Arabian bank had joined the Ripple network for international payments. I’ve been trading cryptocurrencies long enough to know that no one knows the exact reason why something happens in the market. This is a major buy spike that came out of left field.

Bitcoin

I am certainly feeling better about Bitcoin now than I was 24 hours ago. The lack of volume and the price action felt like the market was heading lower. Today, however, we are back around the 6350 levels.

The problem is that it still not enough to make me buy more Bitcoin. We are still in the middle of the range between 6100 and 6500. This neutral zone is not an area that I want to be putting on trades. Yesterday’s jump was indeed positive, but need proof that it was not…

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