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Tron (TRX) surges by 6% while the whole market stays calm

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Tron TRX
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Thursday, 4th October saw a mixed crypto market with some of the coins still caught-up in the bearish atmosphere while others are staying calm. Despite the boring market trends, some cryptocurrencies have seen surprise spikes. Talking about the top 15 digital coins, only Tron (TRX) is enjoying an accountable price increase today.

At the press time, Tron (TRX) shows a spike of 6% in the last 24 hours. The only other cryptocurrency accompanying it is EOS after surging by 2.47%. In comparison, EOS is moving up at a meager rate, and the only name that market can hear right now is TRX.

Tron has not shown a price increase in the last 24 hours only, but its last seven days average shows green numbers too. Talking about 7-day average, TRX has the second best being 2.63% in green after Binance Coin’s 3.41% (BNB is up by only 0.33% taking the last 24 hours in account). At the time of writing, Tron (TRX) trades at $0.02269 with a market cap of $1,498,620,309.

Tron’s claim to the fame is its aim of decentralizing the whole internet as its primary objective. The company’s USP is that it aims to make content creators reach their audiences and get paid directly, without any mediators like Youtube.

Over the last few months, Tron has been in the news (quite a lot) with numerous projects and announcements being tied to the blockchain company. It won’t be wrong to say that Tron has been the ‘center of inclination’ in the crypto-universe for the last few months. The MainNet launch, blockchain upgrade, token migration, BitTorrent acquisition and constant listings on top exchanges have played an excellent role in the growth of  Tron (TRX).

The latest spike in the price of cryptocurrency is believed to have come from the success announcement of uTorrent Web, a service that Tron Foundation launched just about a month ago post their BitTorrent purchase.

The CEO of the company, Justin Sun, took to Twitter today where he announced the initial success of the uTorrent web. Mr. Sun affirmed that the service has reached 1000K daily active users already, which indeed is a great achievement given that it is merely a month of age.

Apart from the uTorrent web success, another potential lifter for recent TRX price is the fact that Bitfinex announced fiat expansion for the cryptocurrency today, too. The newly added fiat pairs by the exchange include TRX/EUR, TRX/JPY, and TRX/GBP. Bitfinex tweeted:

Subsequently, Exodus, a widely-used crypto wallet announced its support for the TRX mainnet just yesterday. Thanks to the recent Exodus support, users can now exchange the cryptocurrency with almost fifty assets directly. Some of them include DGB, XLM, OMG, XRP, BTC, and ETH.

TRX also caused a stir in the crypto sphere when Binance announced tron trading competition.

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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 Geralt/Pixabay

Altcoins

Can Libra help the crypto industry to reach new heights?

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Libra is motivated and determined to change the face of payment procedures across the globe and make the blockchain-based project the leaders of payments.
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The market for cryptocurrencies started with the launch of Bitcoin in 2009, and since then, so many cryptocurrencies have been launched that it gets hard to keep track of them. The crypto market has seen massive growth in the past 3-4 years as it started gaining attention from mass media, which helped in this boom.

From the past 2-3 years, several new cryptocurrency projects were launching in the market. Amid all this, the social media giant – Facebook announced the launch of their cryptocurrency platform, and this news got viral like wildfire. The announcement came forward in June, and the upcoming cryptocurrency is known as Libra, and it’ll come with its dedicated wallet called Calibra.

What is Libra?

Libra is a permissioned blockchain-based digital currency which is being developed under the supervision of Facebook’s vice president, David A. Marcus. The cryptocurrency is under development in partnership with an independent, non-profit member Libra Association. Facebook is the second member of the project, and these companies aim to use Facebook’s user base for the promotion of the digital currency when it is launched. The transactions and the cryptocurrency will be managed and cryptographically entrusted by the Libra Association.

Note: Libra Association was established by Facebook to look after the cryptocurrency and the transactions, and it was founded in Geneva, Switzerland.

The development of…

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Bitcoin

Why Blockchain Projects Keep Failing

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If you’ve been keeping up with news coming out of the blockchain community over the past year, you’ve probably heard countless projects hyped as the next best thing—only for them to fall off completely off the map a few months later. While some of these projects offered no practical solutions and seemed destined to fail, others creatively used blockchain technology to enhance the way we perform day-to-day tasks.

So, What’s the Problem?

For starters, many of these founders have no real experience running a business or managing finances. Instead, teams are usually comprised of programmers and tech geeks with the ability to develop blockchain-driven apps, but have no clue about project management, allocating resources, effective team building or marketing.

What’s more, when you look at the average blockchain start-up’s website, you’ll probably find a list of team members with accolades a mile long. And many of these “achievements” are in similar blockchain projects that have yet to take off. This makes it hard to distinguish between what is hype and what is credible information, which scares off all but the high-risk investor.

Project Success Starts at the Team Level

The sudden interest in cryptocurrency and blockchain technology can be compared to the California Gold Rush. Everyone wants to get in on the ground floor so that they can make as much money as possible.

Unfortunately, this mentality isn’t just…

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Altcoins

STEEMIT Running Out Of STEAM?

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Steemit
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Has Steemit seen its glory days run dry? There have been many rumors that the CEO Ned Scott has pushed the company to the blockchain focus that he forgot about Steem being a social media platform. Now, these are just things some of the former employees have been heard saying, but it is a rather interesting take as to what is going on. Give the following video a watch where I break down what is happening with Steem. I also give my thoughts on what may happen to other large ICOs and how we may see this trend continue as we have seen with ConsenSys laying off 10% of their workforce.

If the big name projects are starting to do this will it also have a trickle-down effect on other ICO’s which have no products and are running out of cash? I definitely think so, and I also see this negatively affecting Ethereum for the mid-term. The question many have been asking is just how long can the bottom 1800 projects last with the current market conditions? How many ICOs did not liquidate their Ethereum and now are stuck with 1/10th the cash flow or more in some cases, how will they pay to continue operations? What about the growing number of projects laying off employees like…

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