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 price analysis: TRX/USD bulls are struggling with critical price area at $0.0400 on its independence day
- Tron price on Tuesday is trading in negative territory, nursing losses of some 1.5% in the second part of the session.
- The Tron foundation will be completing a large scale TRX token buy-back plan over the coming year to 2020.
The Tron CEO and founder Justin Sun was recently tweeting to the community, noting that today marks Tron’s (TRX) independence day. It was this time last year when Tron migrated off Ethereumblockchain as an ERC20 token, to the launch its own Tron mainnet.
Tron foundation in an official blog post named ‘Announcement on $20 Million TRX Buy-back Plan and 2020 TRX Holding Plan by TRON Foundation’.
The detailed program is going to have the widest coverage in the secondary market. It will last for a year and will include buying back TRX from the secondary markets in batches with no less than $20 million.
TRX/USD daily chart
Tron’s Justin Sun claims stablecoins will be key to cryptocurrency development
The Justin Sun-led Tron has been in the news multiple times recently, thanks to its regular updates and noticeable price hikes. The CEO has also played a very active role in promoting the cryptocurrency, as exhibited by his recent AMA on Periscope.
Sun focused on how the initial success with protocol governance in the Tron ecosystem paved the way for future developments in the blockchain. The CEO stated,
Tron had 27 Super Representatives passing 17 new protocols out of which 10 were voted in and accepted. Tron is also the third blockchain after Ethereum to be associated with the stablecoin Tether.”
Justin Sun further opined that 2019 was the year of the stablecoins and that inked assets will be a key focal point when it comes to future developments. He believes that the stablecoin system is the ecosystem in which centralized finance will be taking off. Sun added,
“We will be collaborating with more parties to boost Tether USDT use cases in the TRX ecosystem.”
The Tron Foundation had launched Tether on the TRX blockchain in April to much fanfare, with Tron tweeting,
“Today #USDT is launched on TRON’s blockchain. $USDT is issued by @Tether_to on the #TRON network based on #TRC20 protocol. There will also be a total reward of 20 million $USDT for 100 days. $USDT will be fast, free and smart! #TRX #BTT”
This program was later postponed due to certain discrepancies that came to light post the Tether-Bitfinex episode. Another topic touched on by the Tron CEO was the much-celebrated BitTorrent, which has come a long way since its acquisition by Tron in 2018. Sun admitted that BitTorrent was ‘integral’ to the overall growth of Tron’s development cycle. BTT recently completed its fifth airdrop on June 11, right after the Tron blockchain had breached the 10 million mark in terms of block height. The BTT airdrop involved the transfer of close to a billion tokens which were sent as a reward to TRX holders.
Tron celebrates its Independence Day, Longhash on the risk of a 51% attack and more
Crypto News – 25 June
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Stephen Moore joins ‘Decentral:’ According to a report by Fox Business, Moore has joined a group of entrepreneurs who plan to launch the “the world’s decentralized crypto central bank”
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Cloudflare outage cripples websites: World’s leading cryptocurrency exchange, Coinbase, India’s WazirX and HitBTC were among websites affected by a Cloudflare outage
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More reason for Tron to cheer: CEO Justin Sun announced the listing of Tron [TRX] perpetual contracts on BaseFEX, a cryptocurrency derivative exchange
Read more at https://bit.ly/2X11eBo
Pompliano on Bitcoin’s future: According to the Co-founder of Morgan Creek Digital Assets, Bitcoin may be valued at $100,000 and have a market cap of $2 trillion by 2021
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Chainblock CEO on Bitcoin Cash: According to Federico Pecoraro, Bitcoin Cash has the potential to be the perfect global coin for daily spending
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