After a somewhat brutal Sunday for cryptocurrency and digital asset markets, it quickly became evident this week would be off to a rough start. So far, that concept still holds true, as a lot of the top markets remain in the red. One notable exception is the Tron price, as it seems to buck the overall bearish trend. Given some of the recent ecosystem developments, that shouldn’t come as a big surprise.
New Tron Price Uptrend was Expected
Any cryptocurrency or digital asset is only as strong as its community and the ongoing developments. While most people may still be somewhat wary of Tron in this regard, no one can deny the project is both ambitious and successful to date. It is only normal all of those developments positively impact the Tron price in one way or another. For the time being, the momentum is rather positive, although there is still some pressure to contend with as well.
Over the past 24 hours, there has been a notable Tron price uptrend in both USD and BTC value. The 6.2% increase in value brings the price back to $0.0242, with a push to $0.025 looming ahead. There is also an 8.2% gain in BTC value, as one TRX is now valued at 676 Satoshi. How high this particular value will go in the days to come, is rather difficult to predict.
Several key developments have taken place within the Tron ecosystem over the past week or so. The team is constantly evolving and trying to push the boundaries of its presence. Hiring a new SEC & regulatory veteran in the form of David Labhart is one big step forward for this particular project. His main focus will be on compliance and general counsel, two areas which can always be improved upon at any given moment.Ever since the team announced their new BitTorrent token, it seems things have begun to look up. Some of the initial questions and concern have been addressed recently, which seems to put a lot of doubts to rest first and foremost. Whether or not this token will prove to be successful, is still difficult to predict at this time.Within the Tron dApp ecosystem, it would appear an interesting trend is taking place. The TronDice dice game has effectively introduced a change which may have a positive impact on the project itself, as well as the Tron ecosystem as a whole. Users will now start to earn dice tokens once they place their bets as usual. An interesting addition to an already popular platform.
Although most of the top markets remain subjected to bearish pressure, Tron is doing something completely different. That in itself is very promising at this time, as it might signal a market reversal for other currencies and digital assets in the near future. For now, the current gains need to be taken in stride, but it would appear there is still a lot of room for further upward momentum in the coming hours.
Tron has had a Historic Journey So Far, Where is it Headed Next?
Tron is arguably one of the fastest growing blockchain startups in the world with very unusual speed and unconventional success. The project which started in on the Ethereum blockchain broke out and launched its own mainnet in June 2018. This was celebrated as “independence” day for the project which has been operating independently since then.
Its founder and CEO Justin Sun has since then perceived Ethereum as its sole competitor, probably because the Tron blockchain is quite similar to that of Ethereum and its native token TRX was based on Ethereum’s ERC20 token upon which most cryptocurrency tokens were built. Sun’s number one goal has been to beat Ethereum in smart contract and dapp deployment, the two major functions they share in common.
Four months after the mainnet launch and independence, Tron launched the Tron Virtual Machine, again similar to the Ethereum Virtual Machine. This was another significant landmark achievement for the project which led to the commencement of dapp and smart contract deployment on the blockchain. Sun also acquired BitTorrent in his effort to decentralize the internet.
This added significantly to Tron’s popularity and usefulness in the cryptocurrency space which was also aggressively pursued by Sun. Tron users increased rapidly since then sometimes increasing by 100% in months, which drew a lot of attention to Sun and his project. Currently, Tron boasts of over 2 million accounts on its network and recently announced that the project has surpassed $100 million in 24-hour Dapp volume.
Because of Tron’s phenomenal success, many individuals, as well as the SEC, find it a bit suspicious that a startup could grow so fast. The reason for such suspicion has been that Sun hasn’t really put a lot of technological effort into his project but rather his selling point is the active publicity he engages in on social media. Earlier this year, a supposed SEC insider hinted that the project was marked for destruction, warning fans and investors to stay away from the project.
Tron [TRX] & IOTA Price Action – Traders Uncertain As Both Continue to Consolidate
Tron [TRX] and IOTA technical analysis for 18th March 2019. High levels of uncertainty for both as prices continue to consolidate. We identify the key levels and patterns to monitor.
TRON Can’t Lose When It Comes To DApps
You will probably remember when the CEO of TRON, Justin Sun urged Ethereum developers to leave their network and join his ecosystem instead.
Sun took to Twitter to make the offer which started an open war of TRON against the Ethereum ecosystem. Against all competitors in the dApp space also seem to be a rival to TRON.
If we look at the state of the dApp industry today, the numbers from TRON show that they are winning by a landslide.
On the week commencing the 4th March, TRON performed spectacularly and registered growth of more than 200 percent growth in terms of its weekly transaction volume.
With $180 million, TRON was flying ahead from the competition with EOS going down 28 percent to just over $100 million and Ethereum marginally improving its stand to accumulate just under $25 million.
You see a tweet from the Twitter user RatingDapp shadowing this:
— RatingDapp (@RatingDapp) March 11, 2019
Unsurprisingly though after he found out, TRON’s CEO took was celebrating the great success of his network by taking to Twitter to announce the news and more than likely rub it into the competition by saying that TRON is winning by a significant lead when it comes to the dApp space.
There was a big spark growth in the dApp network for TRON following the launch of Odyssey 3.5. In case you didn’t know, the Odyssey upgrade was essentially a hard fork that brought along a lot of improvements including up to fifty percent boost in the performance of the network, better security, multi-sig features, energy adjustments and so on.
The dApp development usage has seemingly increased quite significantly and EOS was quickly overtaken.