The cryptocurrency market has had a terrible time since December 2017. It hit the roof on December 17th, and it’s been going down like a led balloon ever since then. The market’s value has gone down by 80%, more or less in 13 months and it’s been an unmitigated disaster for almost every blockchain project in the world.
But in the midst of the chaos that the bears have caused in crypto, two projects have managed to gain ground: Tron and Ripple. In this article, we’ll focus on Tron’s recent growth in terms of the token’s value and market capitalization.
As we write this, Tron is trading at $0.025420 which is not exactly impressive compared to Bitcoin, for instance, but only a month ago, it was at half the price. Also, although it’s trading in green numbers but can turn into the red at any time, which is not the best thing either, but many days in crypto are just like that.
Let’s focus on the parameters that really matter.
A few weeks ago, Tron was ranked 11th by market capitalization. But it’s been growing in relative value so, about a month ago, it reached the 10th position, and only a few days ago, it went to the 9th place which is the spot it currently holds.
This is quite meaningful because it means that Tronix’s market capitalization has grown by 40% since the new year began. That’s only 15 days now. And things are just getting started.
$TRX's marketcap has grown by over $500M and is UP 40% in 2019.
We are only 10 DAYS into the year.
— TRX Colony (@TronColony) January 10, 2019
Tron is barely more than a year old, and the platform’s catalog of decentralized apps is still tiny when compared to Ethereum or EOS. And yet, with that limited number of apps and use cases, it’s managed to keep growing at a rate that no other cryptocurrency can currently boast.
So what does the future hold for TRX’s price? Good news, mainly.
New dApps are being developed, and the Tron Foundation is investing a lot of money in incentivizing the community’s developers to build and deploy all kinds of new games and apps for the platform.
Some essential projects are also migrating from Ethereum and EOS to Tron because the networks are slow, expensive and troublesome. Every new app is a new use case for the token. Every new use case increases demand and trade volume which, in turn, will keep driving the price up.
And that’s nothing compared to what Project Atlas will do. Project Atlas will merge the BitTorrent network (the largest decentralized network in the world) with Tron’s blockchain, and it will reward seeding users with a Tron-based token called BitTorrent Token. We are talking about a hundred million users, located everywhere around the planet, that will become members of the Tron community (maybe unknowingly), and that will create yet another use case for the Tron-based token economy.
Tron is proliferating while most other blockchain projects are shrinking. And, as things stand, it will keep growing, and it will be much faster sooner rather than later.
So the current growth rate for Tron is nothing to be surprised. The project is useful; the community is committed, it keeps finding new use cases, more Tron-based tokens, apps and smart contracts are being issued all the time. Tron can only keep growing.
Image courtesy of PixaBay.