TRON (TRX) looks to be stuck in and around the $0.06 level but don’t be fooled – it’s not staying this low for long.
Some holding right now may have picked up back at the start of the year and if that’s the case, are sitting on a circa 20% gain. At the same time, however, these same holdings were at one point up more than 760% (between Jan 1 and Jan 5), so the dip back down to current levels from $0.26 highs is probably going to seem like a real hit.
We’ve said it before, however, and we’ll say it again – this one isn’t staying at current levels long.
Tron is one of a handful of top 20 coins by market cap that are currently trading at penny levels (so, below $1), with the others being Stellar (XLM) and NEM (XEM). The reason that this sub-dollar pricing is important is because it plays a significant role in the psychology of buying cryptocurrency. People have seen bitcoin rise in price by thousands of percentage points over the last decade. They’ve heard stories of people buying thousands of ETH when they were below a dollar and becoming millionaires on the back of the subsequent rise in price we’ve seen over the last couple of years.
They missed out on this run and they want to make sure that they don’t miss out on the next one. So they have a choice – pick up a fraction of one of the larger coins and expose yourself to a fractional appreciation or pick up ten thousand of one of the sub-dollars for (in the case of Tron) $600 and stand to gain considerably if the coin goes to a dollar or more.
This psychological incentive to pick up an exposure to these small price coins is enough in and of itself, in our eyes, to pick a coin up from current lows and once things start moving it’s only a matter of time before the markets start to see the rise and the speculators pile in and push price up further.
Of course, speculative attention isn’t enough to sustain a long-term revaluation, so it’s all about fundamental developments looking a little farther down the line – which is where the coin’s most recent announcement enters the equation.
We actually alluded to this catalyst as part of this piece, which hit press at the end of last week here at Global Coin Report. At the time, we’d just seen Tron’s founder Justin Sun announce via Twitter that the company was expecting a near-term major exchange listing.
Sun didn’t say which exchange was set to list the coin, which got markets pretty excited about which company would be tied to the reveal.
And it didn’t disappoint.
Yesterday, Sun announced that the exchange that’s set to list TRX is Huobi – one of the leading global exchanges and a major player in the blockchain asset trading space (so, coins as well as tokens).
Huobi is actually listed at number 5 over at CoinMarketCap right now in terms of twenty-four-hour volume, having logged just shy of $1 billion volume since this time yesterday.
This is a big deal as it dramatically improves liquidity for TRX, meaning there’s plenty of room for speculative appreciation as and when the above-outlined market forces come in to play. Couple this with the fact that we should see a listing driven boost based purely on the added exposure and Tron looks like a real winner at current prices.
Don’t get left behind.
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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.
Image courtesy of Tron.
Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC
The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.
The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.
Musk’s Tweets also impacted Dogecoin’s price
Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.
He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.
But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…
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. One of the ways to have a successful trading…
Wisebitcoin Launches Professional-Grade Crypto Exchange
Infrastructure is developing rapidly in the cryptocurrency industry, but the recent launch of the Wisebitcoin cryptocurrency exchange is nonetheless significant in terms of the immediate value it provides to cryptocurrency users. That’s because the exchange has had a beta version available since 2018 while continuing further developments in stealth mode, and already serves over 1.2 million end users with $6+ billion in 24 hour trading volume at the time of its official launch.
In addition to the large user base and deep liquidity, Wisebitcoin also stands out by offering up to 100x leverage to margin traders, with the ability to open a long or short position in their futures market. In the current bullish environment, leverage is a key way that experienced traders increase their exposure and try to profit from volatility.
For example, if a user opened a long position on ETH on January 2nd at a price of $750, they could have greatly multiplied their profits with even a small amount of leverage such as 5x as ETH reached over $1,100 within 48 hours. A simple unleveraged position would have netted $350 in profit, but a 5x position would have netted $1,750 and a 100x leveraged position would have netted an incredible $35,000 in profits from an initial investment of just $750.
Beyond leverage, Wisebitcoin additionally offers a simple and…