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TRON (TRX) Won’t Be This Cheap For Much Longer

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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.

Indeed, this Forbes contributor certainly feels that way.

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.

TRX Daily Chart

TRX Daily Chart

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.

We will be updating our subscribers as soon as we know more. For the latest on TRX, sign up below!

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

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

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Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.

Fundamentals

Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.

Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.

Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.

Last week on Thursday, cryptocurrency experts took notice of…

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Bitcoin

Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

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Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.

Economic Outlook

Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.

The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.

Additionally, the central bank indicated that three rate…

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Bitcoin

Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

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Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.

Fundamentals

Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.

According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.

Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…

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