There are quite a few market shifts taking place in the cryptocurrency rankings. After a rather bearish 2018, it seems Tron has snuck into the top 10 again without too many problems. Its gains of over 50% in the past seven days will undoubtedly have something to do with this uptrend. Even today, it is the only market to note very minimal losses and a strong BTC-based value uptrend.
Tron Price Continues to Surprise
Depending on whom you pose the question to, the current Tron price uptrend is rather spectacular in many different ways. Not only has this altcoin managed to negate some of its losses sustained throughout 2018, but it also managed to rise in value by roughly 50% in the past seven days. Such a quick and violent uptrend usually doesn’t end well, although it seems the positive momentum is still in place despite today’s bearish pressure on Bitcoin and other alternative markets
Over the past 24 hours, the Tron price has dipped by just 0.3%. Compared to all other top markets, that is quite spectacular, as even Bitcoin has lost nearly 6% in the same time frame. The more surprising development is the rise in TRX/BTC, as this ratio improved by 5.7%. This also means one TRX is now valued at $0.0275, or 722 Satoshi. A very positive trend overall, although it remains to be seen if this can be sustained for more than a few hours under these circumstances.
On social media, the Tron price trend is the talk of the town, so to speak. ByzantineGeneral is not too happy with the current price increase, primarily because it happened out of the blue over the past week. As such, a retrace seems imminent, yet this wave of bearish market pressure isn’t making too much of a dent in this overall trend as of right now. It will be very interesting to see things play out in the coming hours and days, for rather obvious reasons.
Tron & The Revolution – also known as Purple_Digit99 – is quite interesting in seeing how long this Tron price momentum can be sustained. Considering how the entire top 10 ranked by market cap looks incredibly bleak right now, this current “resistance” of sorts is all the more unusual. Its trading volume also holds pretty strong, which may indicate there is more positive momentum on the horizon.
It is evident the recently released BitTorrentToken whitepaper has a lot of people excited. That particular news also reflects positively on the Tron price in a way, although the new token has yet to be released at this time. Whether or not that warrants such a violent uptrend in quick succession, is a different matter altogether. There is a good chance this uptrend will be negated fairly quickly, although no market can be predicted with 100% accuracy these days.When keeping all of this information in mind, it is more than evident Tron is doing something nearly no other currency, asset, or token can even attempt at this time. That in itself makes this altcoin pretty spectacular to keep an eye on, although one has to wonder how much of this momentum is genuine price action, rather than a pump-and-dump cycle. That will become more apparent over the coming hours and days, by the look of things.
Funds Stolen From Cryptopia Frozen By Binance
Following news of the Cryptopia hack, one of the largest cryptocurrency exchanges in the world, Binance, has frozen some of the funds which were stolen from the New Zealand crypto exchange during a hack which was reported earlier in the week.
Binance provides a platform for trading more than a hundred different digital currencies and is getting ready to support the upcoming Constantinople hard fork on the Ethereum network. Since the start of last year, Binance is seen as the biggest exchange in the world in terms of its trading numbers.
As many people know, the CEO of Binance is Changpeng Zhao (CZ) and through his official Twitter account announced that Binance had halted certain funds which were stolen from the New Zealand crypto exchange. In the message, CZ has wondered why the attackers are carrying on to send the stolen funds to Binance.
As most people will have heard by now, Cryptopia reported that there had been a hack on Monday which has resulted in ‘significant losses’. The damage amounted to Ethereum worth at least $2.4 million in several unknown wallets. On top of this, he moved to centralised management in the amount of around $1.2 million.
After CZ tweeted his message on Twitter, there was a lot of backlash from the online community. In the CEOs tweet, he advised cryptographic owners to keep ahold of their assets on stock exchanges. This is opposed to having them on personal storage devices such as hardware wallets or USB drives. As reported by AtozMarkets, some members of the community perceived CZ’s tweet as a “meaning that the risk of self-preservation is significantly higher than the risk of storing cryptocurrency on “reputable” exchanges, such as Binance, for example. However, Zhao later said that he did not necessarily advise investors to keep funds on the exchanges.”
Growth In Attacks
There seems to have been a growth in attacks on exchanges over recent years. For the first half of 2018, there were over 730 million dollars exchanges for the exchanges of hacks. Quite a lot of the loss – $500 million – occurred as a result of a Coincheck hack in January last year.
What are your thoughts? Let us know what you think down below in the comments!
Will stablecoins and security tokens lead crypto innovation?
With the start of the new year, conversations surrounding the next wave of crypto innovation have begun with discussions focusing on trends the industry is likely to thrive upon, and which will fade into obscurity.
2018 was undoubtedly the year of the stablecoin with multiple iterations being devised and created. Now we have a plethora of choice as to which fiat-backed and (relatively) stable cryptocurrencies to store our, more volatile crypto in.
Similarly, as of late security tokens, or at least talk of security tokens, have taken the limelight they carry all the benefit of a cryptocurrency with none of regulatory uncertainty. They are deemed more secure and legitimate for this standardized regulation, meaning that far more participation from traditional wall street investors is likely.
It’s perhaps understandable then, that a few propagators of the cryptocurrency industry have called both of these emerging technologies potential catalysts for the space.
In a recent interview with The Cointelegraph Luzius Meisser., a board member of the Bitcoin Association Switzerland, offered these two innovations as key proponents of the industry.
Meisser noted that security tokens are likely to be picked up by investors who want more tangible protection, instead of simply relying on an ICO to deliver assurance.
“I would say payment and utility tokens are more or less over, sometimes they make sense.”
Meisser excluded stablecoins from his calculation, stating that they manage to avoid the label of ‘security’ as they’re legally backed.
“Stablecoins are a precondition to enable average companies to bring their equity onto the blockchain, because if they issue bonds or shares they want to do so against U.S. dollars, euros or Swiss francs because those are the currencies they calculate in, not Bitcoin or Ethereum.”
A similar sentiment is shared by the Winklevoss twins who recently stated in an interview with Bloomberg that Bitcoin, stablecoins and further tokenization will lead crypto into a new era of innovation.
“I think the next wave will see the real innovation and the really interesting assets that become tokenized — like real estate, like buildings that are currently not traded in a really liquid fashion. So that’s exciting.”
Record $1 Billion in transactions for BitPay in 2018
BitPay, the blockchain payment network, saw a record $1 Billion in transactions in 2018, according to a press release. BitPay’s continued growth shows that the future of cryptocurrency lies in creating a usable financial network to bolster payments.
BitPay is the largest blockchain payment network, and last year was so successful for them in huge part to the addition of customers such as Dish Network and the State of Ohio, which has greatly expanded their reach. What BitPay’s success shows, is that the use of cryptocurrency will be most relevant to companies utilizing protocols which give security, reliability, and convenience.
Read more: Mass adoption of crypto is “3 to 5 years away” says BitPay CEO
While Bitcoin was designed originally for individual payments as a replacement for cash and fiat currency, the main niche use which looks most similar to this is the case of cross-border payments for the global network of corporations doing international business. BitPay has fit neatly into this use case, and made a business out of facilitating these transactions.
While this might not be as exciting a victory as many of the cypherpunks and Bitcoin radicals had envisioned Bitcoin achieving at this stage in its roll out, BitPay’s CEO has consistently been quite bullish on Bitcoin’s eventual future as a well-used and mainstream currency. Indeed, if efforts like BitPay introduce a network of easily usable, secure payment protocols, cryptocurrency will be all the more acceptable to the general public.