Tron is a blockchain network of the third generation which is giving Ethereum a run for its money as a decentralized application platform. It’s surpassed Vitalik Buterin’s platform in the last 30 days, and it’s added more than 30%. Tron’s token (Tronix or TRX) is now in the top ten by market capitalization, it’s in the select list of cryptocurrencies worth more than $2 billion.
Tron’s capitalization is now higher than Bitcoin SV and Stellar Lumens. It’s now eighth by capitalization and that’s happened as the market keeps shrinking and most coins keep losing value. Only a few weeks ago, Tron was 11th place.
Tron has experienced a bull run, mainly because of the success its decentralized apps have had, since last mid-December. In those six weeks, it’s managed to outperform both the USD and Bitcoin, with an increase of 130% in value which is reflected in market capitalization as well.
But it’s down by about 90% from its all-time high, about a year ago. By then it was capitalized at $16 billion. That, of course, happened during the now legendary (and missed) 2017 bull run that propelled crypto to amazing heights. Then the bears came around in 2018 and they’re still around.
But bulls are still surrounding Tron. The project’s community is quite bullish about the token, they’re using it in the very successful decentralized applications deployed on Tron’s blockchain. Moreover, the token’s value is boosted by the upcoming BitTorrent Token sale which begins today and will be available until February 3rd. The new token, which will incentivize seeding at the world’s largest decentralized network, will be available in trading pairs against TRX and Binance’s token.
There will also be airdrops. TRX holders will get a few BTT tokens if they hodl their TRX in a few selected digital wallets (as we’ve reported on this website). The first round will come around with the new month (February). The BitTorrent network will run over Tron’s blockchain, it will remain a professional version fo the file-sharing service that will now be incentivized by the new BTT token. Users will be able to earn passive income by just sharing their files and their content.
And as all this happens, Weiss Ratings are sending Tron’s price even higher by hailing the project’s popularity as well as the coin’s.
“We might give tron a hard time every now and then, but give credit where credit is due: The TRX/USD pair is the most bullish looking chart of any top 10 project right now,” Weiss Ratings informed using its Twitter account “The popularity of this project cannot be denied.”
Then there’s Brock Pierce. Mr. Pierce co-founded a venture capital firm based on crypto. He’s on the record saying that EOS (yet another Ethereum killer) and Tron are doing great if you go by the number of dApps and users they’re serving compared to Ethereum.
The Tron Foundation’s CEO is none other than the occasionally controversial Justin Sun who is a master in PR and marketing and is often under crypto’s spotlight. He’s trying to make Tron the place to go to deploy dApps (which means doing away with Ethereum). And he could succeed on that. Just over the last few days Tron as duplicated its trading volume from $200 to $400 USD million.
As Tron keeps moving forward and growing both as a network and in token price, the cryptocurrency market keeps shrinking and losing value. The market seems to be waiting for institutional investments to wake up and for the regulatory panorama to become clearer. In the meantime, everybody (except for Tron and XRP) are losing.
“When you have a news story that highlights a development, it can cause these sudden leaps [for the likes of tron and other smaller digital tokens],” Mati Greenspan, senior market analyst at broker eToro explained.
“What we’re seeing now is the effect of a flat market—the overall sentiment noise is dying down so individual token developments are getting more attention,” Greenspan added.
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