A little over 24 hours ago, Tron (TRX) edged out Cardano (ADA) to take the number 10 spot according to market capitalization as reported by Coinmarketcap.com. TRX has managed to leave behind Monero (XMR), IOTA and Binance Coin (BNB) on its way to the top 10. Around $30 Million in market capitalization separates TRX and ADA. Bitcoin SV (BSV) is $700 Million ahead of Tron in market capitalization. Time will tell if TRX will also edge out BSV.
A clearer view of the situation has been provided by the screen shot below.
Possible Developments that Could Have Led to TRX Moving Up to Number 10
To begin with, on the 28th of November the Tron foundation released an upgraded version of Tron Mainnet. Dubbed Odyssey 3.2, the upgrade has the following additional features.
- New in-memory database that is safer and more stable
- TRC10 token support for the Tron Virtual Machine (TVM)
- Support of resource delegation – users can freeze TRX to obtain energy for other users. This means that a developer who does not have enough TRX can ask others to freeze TRX for him to deploy and run his smart contract
Secondly, the recent news of the Tron network adopting zk-SNARKS to enhance privacy by the first quarter of 2019, has really ignited interest in the digital asset. Justin Sun made the announcement of plans to use the popular ZCash technology during an interview with the Bad Crypto Podcast where he explained it as follows.
First of all, I think that transparency [on the Tron blockchain] is very important…and also the governance. That is how people have trust in this network.
I think privacy is also important for the network. So that’s why I think in next year, Q1, we will adopt the zk-SNARKs into our network. So zero-knowledge proof into our network…
This is how we can improve the privacy of the whole network.
Fourthly, the Tron Network has continually proven itself in terms of handling millions of transactions per day. The number of transactions in the last 24 hours was recorded at 1.96 Million txs. On the 1st of December, this number was at 2.4 Million transactions in a day. Comparing with Ethereum’s 600,000 transactions in the last 24 hours, we find that Tron has tripled ETH’s number.
Summing it up, TRX has once again entered the top 10 list of cryptocurrencies according to market capitalization. We have also explained four reasons as to why this has happened.
What are your thoughts with TRX making it back in the top 10 cryptocurrencies according to market capitalization? Please let us know in the comment section below.
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.