Altcoins
Why Hold Tron? Project Atlas and More
Why Hold Tron? The Tron Foundation has constantly shown why we believed in their vision one year ago when Justin Sun came out gun blazing to announce the ICO. Back then, decentralizing the web was just a concept on a piece of paper but it is slowly becoming a reality with the daily progress of the Tron project and its ecosystem.
Custom Token on BitTorrent
This then brings us to how BitTorrent will be integrated onto the Mainnet through Project Atlas. The project and the eventual product will bring the future of how content is distributed on the web. Anyone who has downloaded files via any Torrent knows that there are times when the downloads are not active due to lack of peers who are online for you to download from.
Now here is where the BitTorrent protocol will integrate a system of incentives on the blockchain through a custom token. This, in turn, means that users who participate will exchange tokens in return for resources and services on the BitTorrent platform to further aid in faster downloads and increasing the availability of torrents.
Tron Token Decentralized Exchange
The Custom token that will work on BitTorrent has yet to be named or created at the moment of writing this. But when it goes live, it should be available in the new Decentralized trading platform being created for custom tokens on the Tron network. Think of Ethereum and how we have IDEX or Ethfinex that cater to ERC20 tokens. The Tron Decentralized exchange will perform a similar service thus signaling a good Q4 for Tron.
Tron Virtual Machine and Future Updates
A Tron decentralized exchange brings us to the recent development that the Tron Virtual Machine will be activated around the 8th of October. The team at Tron made this announcement in their most recent development update that stated the following:
It’s expected that the TVM will be officially activated after the voting on October 8. By then, the 3 main features: the committee, the TVM and decentralized exchanges will be activated.
In addition, TRON plans on having one small upgrade and a big one for each quarter.
The small upgrade mainly focuses on performance enhancement. It’s optional based on what you need. This upgrade will be completely compatible with the previous version.
More Accounts than EOS and High Transaction Volume than ETH
It is with the above progress that it’s not surprising that the number of accounts on the Tron network has surpassed those on the EOS network in the number of active accounts. The network has also surpassed Ethereum’s average daily transaction volume.
Justin Sun made the announcement of the new benchmark via a tweet that stated the following:
1. 411,032
#TRON accounts, 20% more than#EOS, 13 times higher than that of#ETH2. 440,135 peak number of single-day transaction volume, 49 times higher than
#ETH3. 146,041 average daily transaction volume, 29 times higher than that of
#ETH4. Physical decentralization
Similarities with ETH Path in 2017
To note is that the Ethereum network made it possible for ETH to skyrocket in the market due to the ICO boom and DApp creation on the network for the past 2 or so years. This then means that it is possible for TRX to experience similar gains moving forward. Earlier, we had calculated that ETH gained by 13,900% in one year to its peak value of $1,400. If TRX were to follow a similar trajectory, the digital asset will be valued at around $2.78 twelve months from now.
In conclusion, the Tron project has made major strides in the last one year. The above few fundamental reasons are why it is wise to keep holding Tron for the foreseeable future.
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Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.
SOL’s Bullish Cues
Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.
In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.
Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…
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