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.
Market Update: Bitcoin Heading Towards $13k, XRP Struggles to Maintain $0.48
Bitcoin has again gained another $1,000 to surpass $12,000 and is now approaching $13,000. While BTC holders are celebrating, XRP seems to be struggling to break above key resistance at $0.477. It is currently in a struggle to climb above a lower resistance at $0.47 at the time of writing this report.
It had earlier consolidated above the $0.4550 and $0.4580 levels and settled above the 23.6% Fib retracement level of the downward move from the $0.5086 high to $0.4455. At the time of writing, the bulls had succeeded in closing above yesterday’s trend line and broken through the resistance at $0.47.
XRP is now faced with the next resistance at $0.4770 which is caused by the 50% Fib retracement level of the downward move from the $0.5086 high to $0.4455 that prevents gains. If there is a successful break above this level then the next resistance will be $0.48, victory over which will create a free rise to above $0.485 and $0.49.
XRP could also break above another resistance at $0.5 in the short term and that could take the price even higher. If $0.48 gets too strong to break then an easier way may be a downward move to initial support at $0.46 and $0.458 and a further crash to the lower $0.445 support area before another attempt to push upward.
Meanwhile, many other altcoins are in the same condition as XRP with some struggle to continue in uptrends. ETH has so far maintained a relatively steady rise alongside BTC, reaching a price of over $330 at the time of writing.
As its gains seem to correlate with that of BTC which is expected to break above $13,000 before any major pullback, ETH could be going as high as $340 before the pullback. As for XRP and other altcoins, the pullback could worsen things and make them start all over again, but only time will tell.
BitMax.io [BTMX.com] Announces Listing of Standard Tokenization Protocol [STPT]
BitMax.io [BTMX.com] has announced the listing of STPT, the native token of Standard Tokenization Protocol, a decentralized network for the tokenization of an asset.
Trading for the STPT/BTC and STPT/USDT pairs will be enabled on Tuesday, June 25th at 10:00 am EDT.
As part of the listing collaboration, the BitMax.io team will provide strategic support to the STP team throughout the platform launch.
Dr. George Cao, Co-Founder & CEO of BitMax.io, stated,
“STP is a necessary project for the overall space. Their focus on unlocking value and building an ecosystem of high-quality assets in this industry made our decision to list them very easy.”
With the listing of STPT, BitMax.io will strengthen its leading trading platform status by continuously adding solid projects, as well as provide more diversified global exposure to the Standard Tokenization Protocol.
About Standard Tokenization Protocol and STPT
Standard Tokenization Protocol’s STP-Standard is an open-source standard that defines how tokenized assets are generated, issued, sent, and received while complying with all necessary regulations. The protocol allows assets of all kinds to be tokenized in a way that makes them fully compliant across jurisdictions and transferable across any ERC20 platform.
Tokens built on top of the STP-Standard will use the protocol’s on-chain Compliance Validator to verify compliance with relevant regulations [i.e. KYC, AML, Accreditation, etc.] as well as any issuer-specific requirements [i.e. ownership concentration, holding periods, voting]. The Validator Committee will serve an advisory function to ensure the Compliance Validator is enforcing the most up-to-date legislation at all times.
About BitMax.io [BTMX.com]
BitMax.io is the industry’s next-generation digital asset trading platform that provides a broad range of financial products and services to both retail and institutional clients across the globe.
This innovative trading platform was founded by a group of Wall Street quant trading veterans and built upon the core values of blockchain, transparency, and reliability, to deliver high-quality client services and trading experience.
BitMax.io always strives to provide its global users with a comprehensive set of trading products. BitMax.io enabled margin trading on Feb. 14th, 2019. The margin trading function is another step forward from a product-offering perspective to better serve their dynamic trading needs.
For BitMax.io users who understand and acknowledge the risks involved in margin trading, they are now able to leverage their tradable asset for a potential higher return on investment through margin trading with sound risk management. The list of digital assets that can be traded on margin has increased from the initial four to 18 different tokens, even including BTMX.
It’s another pioneering move for BitMax.io to enable margin trading in its own native token. It expands the utility functions of BTMX, and incentivizes liquidity on the platform. [The margin trading function of BitMax.io is not available for North American markets.]
Similar to the innovative margin trading launched on BitMax.io, the introduction of this unique Volatility Card has again showcased the team’s deep understanding of the inner working of the capital market and their advanced expertise in financial product design.
BitMax.io Volatility Card is the first volatility-linked derivative product of this platform that allows global users to forecast and trade off price fluctuation of underlying major coins during preset time windows in a simple yet effective way. Named as Turtle and Bunny Card after Aesop’s fable – the Tortoise and the Hare, the card has a quasi-option structure for underlying trading pairs yet largely simplified payout form. Users can purchase a different card for the prediction of price movement either within a certain range [Turtle Card] or above a certain range [Bunny Card].
Those who predict the correct range of price movement will receive the payout equivalent to the notional value of the card. Volatility Card uses a simplified payout form without the complication of settlement and clearing issues common for real currency options. Users just simply select which card to purchase to trade on their view of the volatility of underlying asset either within or above a certain range.
It is easy to understand and use for all types of traders with the need for either very short-term momentum trading or partial risk hedging against outsized price swing in very volatile market conditions.
BitMax.io has experienced significant growth since its launch in 2018 and is deeply committed to providing a high-performance, client-centric trading platform to its global client base. Currently, the platform has over 180,000 registered users, with over 53,000 active community members. The listing of STPT not only broadens its trading pair scope but also helps to attract more volume and users to the platform.
Tron marks Independence Day, June 25: TRX/USD double-top pattern spotted
- In under a year, Tron has surpassed Ethereum daily transaction recording 1.5 million transactions.
- Correction from $0.0400 resulted in declines under $0.0390 with $0.0380 functioning as the immediate support area.
The Tron Foundation is celebrating one year since the first Independence Day. June 25, 2018, was the day that Tron launched its mainnet. The date is also used to mark the genesis block for Tron blockchain. According to the founder of Tron, Justin Sun, the network has been able to hit various milestones since then.
Some of these include an increase in staff from just 10 to 400 spread around the world. Besides, this number is expected to rise to 600 by the end of 2019. The development team has been able to release 22 updates on Tron protocol. The network has 3.1 million addresses on the mainnet and supports 1.5 million transactions daily catching up with Ethereum in less than one year. The decentralized applications ecosystem has over 500 DApps that record 50,000 active users.
These including other milestones have helped push Tron back into the top ten with a market cap of $2.5 billion. Tron is currently ranked as the 10th largest asset. It has an exchange-traded volume of $990 million and a circulating supply of 66,682,072 TRX.
Looking at the 4-hour chart, Tron recovered from June lows around $0.0291 and even retested the resistance at $0.0400. However, correction above this level is hampered leading to the formation of a double top pattern with the highs achieved in the first week of June around $0.0400. Meanwhile, a correction has resulted in declines under $0.0390 with $0.0380 functioning as the immediate support area. Other key areas to look out for are $0.0360 support, $0.0320 support area and June lows at $0.0291.
TRX/USD 4-h chart