Who knew that Tron could have an unexpected price decline right when it was becoming known for the achievements one could only ask for? This is a million dollar question for any enthusiast who is continuously tracking the accomplishments that the firm had in recent times.
In the last 24 hours, indeed, the market has been a little kind to many cryptocurrencies concerning their price index, which was not the case for them the day before when they had a short-term dip in their prices, including Bitcoin which the compass of the digital market.
Alongside the rest, Tron (TRX) has not been left out, like other major currencies it also faced decline to some extent even though the users have been anticipated high expectations for the price surge because of its invaluable successes throughout the year.
The closing days of October proved to be quite incomprehensible for the Tron lovers, as we know the fact that the company has had major accomplishments during the month, but it didn’t really help TRX regarding price, but instead, it lost its price up to 14%.
This digital currency has been declining in price for a while now. Recently the company has made progress concerning its TVM making it a leader complementing dApps and smart contracts to elevate the price index and to make the digital currency stable in the market. The move of the company led by Justin Sun, the founder, made Tron overtake EThereum in its daily transaction size in the market at a certain point.
Tron (TRX) Price Slump
Bitcoin is termed as the leader in crypto-market, and its value movements usually lead observers to identify the upcoming pattern for other Altcoins concerning their prices index. Tron is not an exception to that pattern (at least as of now) as it also has been struggling alongside the market.
Till yesterday, Tron has faced a set back against the US dollar (the cryptocurrency stands in green at the press time). TRX status and patterns suggest that the digital currency might take long to bounce back to its all-time high. In reality, as like all other altcoins, Tron would have to rely on the positive price of Bitcoin heavily. But with no signs of any substantial gains in the market recently, the situation might not materialize for some time as seen considering the above statistics.
TROn without projects 0.26
TROn with full projects 0.021 pic.twitter.com/KtMWQDViEc
— BullishNews.com (@Bullishnews) November 1, 2018
Hope and potential are always there for the Sun-led crypto, as they have had a few significant developments recently which are working well in its favor. It got listed on AltcoinTrader just recently, which is a growing exchange in South Africa.
Additionally, a recent report revealed that Tron’s massive technological progress within the year is creating a lot of encouraging information in the market.
The Tron virtual machine, used in the development of dApps is still being optimized, which more likely will lead to an even more efficient system when the optimization concludes. All this are good news as the evolution of the virtual machine is still under development. A couple of games are also being developed on Tron smart contracts.
Consequently, with the high expectations of dApps users in the market, Tron makes the development applications on the same platform as spending money with other platforms. The virtual machine is just expectations of the users, but the real dApps is yet to be seen to fulfill the user’s expectations.
In conclusion, it seems that despite the accountable achievements of Tron in 2018 so far, the price is yet to be appreciated because the whole market has been in bear-hug. Now, as more and more exchanges keep adding TRX (JOYSO did that just yesterday) and its network keeps expanding (remember developers are turning to it in bulk), the price might capture positive effects.
Still, as the crypto is pledged to Bitcoin on all of the exchanges (almost), it won’t go up until the crypto-king gets on the bull. It is still early to judge if that is actually the case, but one thing is for sure, this month might be the turning point not only for Tron but the whole cryptocurrency market.
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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 TheDigitalArtist/Pixabay
Why Blockchain Projects Keep Failing
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.
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STEEMIT Running Out Of STEAM?
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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In this bear market, everybody’s asking the same questions. Why is Bitcoin falling? When will the market turn around? Is this the end of the crypto boom?
However, before we can answer questions like these, we need to step back and do an honest appraisal of where our industry stands and what is really holding it back. Despite its growing popularity, cryptocurrency still struggles to gain mainstream appeal. While crypto has managed to distance itself from the early days, when it was used to buy illegal goods online, the currency still conjures up negative feelings for a lot of people unfamiliar with the technology — and all too often, for good reasons.
Cryptocurrency is still relatively new, which means that many casual users are still exploring different ways to use crypto in their day-to-day lives. Unfortunately, this lack of knowledge leaves a lot of users vulnerable to scammers seeking to take advantage of their ignorance and inexperience.
We’ve contacted various types of people within the crypto community, surveying newbies, traders, investors, and professionals, asking what the biggest problems in crypto are. We found there to be three major problems holding the industry back:
Who hasn’t been scammed at least once?
The crypto community is overrun with scammers taking advantage of inexperienced and naive users. What’s more, scams don’t only occur on an individual level.…
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