TRON (TRX) Up 20 Percent As Entire Market Sees Green
Bitcoin (BTC), Cryptocurrency, TRON (TRX)–After two weeks of the worst price fall experienced in cryptocurrency since the start of the year, as prices for Bitcoin and altcoins hit their lowest point of 2018, the entire market is back in the green. For investors who weathered the plummeting storm of cryptocurrency, which has created a litany of unfavorable takes on the outlook of the industry, the brief rally is a welcome sign. While most are holding their breath in anticipation of another price drop following the rally, as most analysts see a bottom forming in the $3000 – $3500 range, the majority of coins in the top ten by market capitalization are experiencing double digit gains on the day.
TRON, the twelfth largest coin by market cap, is leading the way for the top 20 cryptocurrencies, with gains exceeding 20 percent over the last twenty-four hours. Considering how far the currency has fallen throughout 2018, after achieving an all time high of $0.35 per coin to start the year, it’s little surprise that TRX has managed to rally at the head of the back.
As previously reported by EWN, the price movement for TRON–along with arguably most of the more high profile currencies in the industry–has little to do with development or adoption for TRX. Helmed by founder and CEO Justin Sun, the TRON Foundation has continued to find ways to keep the currency relevant, both in enticing development and marketing maneuvers that are a step forward for the industry. Just two weeks ago, before the precipitous crash in crypto prices, TRON announced the presence of basketball legend Kobe Bryant as a special guest speaker for TRX’s first international conference being held in San Francisco in January 2019.
While Bryant has little in the way of cryptocurrency involvement, he does bring an entrepreneurial vision that could find some traction in the development-focused audience of TRON’s following, as well as broadening the exposure of crypto through the crossover provided by the former NBA Most Valuable Player.
In addition, TRON made one of the biggest acquisitions of the year for cryptocurrency when Sun purchased BitTorrent, the world’s largest peer to peer file sharing network. Given the amount of overlap between the decentralized focus of cryptocurrency and the open economy of torrenting, it’s not surprise that Sun would target BitTorrent as a tool to integrate and improve the TRON platform experience. While details surrounding the merger of BitTorrent and TRON have been limited, the community has gained some insight through the announcement of Project Atlas, an initiative designed to do more than just shoehorn torrenting on to TRON’s platform but to improve the function of both.
Even with the recent plummeting of prices spreading doom and gloom throughout the landscape of cryptocurrency, with many fixating upon the ongoing bear cycle of 2018 as a direct indication of the industry’s health, developers for the currencies have continued to forge ahead in improving the usability of their technology. Until blockchain and cryptocurrency see wider adoption and integrated use in society, it’s little surprise that price volatility will continue to emerge with Bitcoin and altcoins following a roller coaster path of boom and bust valuation.