The Tron cryptocurrency clearly has the momentum in the crypto markets as we complete the second week of 2019. Only days ago, TRX edged out Bitcoin SV (BSV) from the number 9 spot on coinmarketcap.com. On that day, TRX’s market cap stood at $1.558 Billion. Further checking coinmarketcap.com we find that its market capitalization has risen to $1.942 Billion. This has allowed it to edge out Tether (USDT) from the number 8 spot by a margin of approximately $20 Million. A screenshot of the market performance has been provided below for a better visualization.
The BitTorrent (BTT) Factor
On the 3rd of January news broke that the peer-to-peer file sharing network of BitTorrent will be launching its BTT token on the Tron network. The BTT tokens will allow users of the platform to exchange the tokens to improve the speed of the BitTorrent Network. The project’s whitepaper further explains that the token will be a TRC-10 token. (TRC-10 is a technical token standard supported by TRON blockchain natively, without the TRON Virtual Machine).
Unexpected ‘Boost’ From the Ethereum Classic 51% Attack
Another unexpected factor that might be contributing to TRX rising in the crypto markets, is the recent 51% attack on the Ethereum Classic network. This attack has proven that Proof of Work algorithms are susceptible to rogue miners. Tron, which uses a Delegated Proof of Stake algorithm, does not have such vulnerabilities that might result in double spending. As a result, investors might have found TRX more attractive as a long term investment given all the technical developments and events happening around it.
The NiTRON Summit
TRX enthusiasts are also excited about the upcoming NiTRON summit scheduled for the 17th and 18th of this month in San Francisco. Many believe that more will be revealed during the summit, on how BitTorrent and Tron will decentralize the web as envisioned by Project Atlas.
Is Stellar (XLM) Next?
Only days ago, the founder of Stellar (XLM), Jed McCaleb, had referred to Tron as garbage during an interview with Yahoo Finance. The statements might have been an indirect foreshadowing of TRX moving up in rank according to market cap. His exact words were as follows:
Ninety percent of these projects are B.S. I’m looking forward to that changing. Things like Tron, it’s just garbage. But people dump tons of money into it, these things that just do not technically work.
Checking the crypto rankings once again, $406 Million in market cap separate TRX and XLM. TRX is currently valued at $0.030 at the moment of writing this. To surpass XLM’s market cap, the digital asset needs to be valued at $0.0353 using current market cap values.
What are your thoughts on the recent momentum exhibited by TRX in the crypto markets? 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.