The rise in XRP, TRX, and other altcoins is significant enough that Bitcoin’s share of the market is down to 68.2% from the previous 69%.
The day of the altcoins
It could be early for us to declare the alt season open. But today’s cryptocurrency market performance has leaned significantly to the altcoin holders side in a way we haven’t seen since Bitcoin’s come back on last April.
As we write this, Ripple’s XRP has risen by 10.92% in 24 hours as the third most significant cryptocurrency trades at $0.29. Ether, the world’s leading altcoin, is up by 8,02%, trading at USD 208, and close to knocking on the all-important psychological USD 210 price level’s door.
Most of the cryptocurrencies in the market capitalization top 20 are gaining big. Tron’s Tronix and Dash lead the way with green numbers at the tune of 10% and 9%, respectively.
But besides that winning duo, gains between 3 and 7% are present along with the top hundred cryptocurrencies. The rise in Ripple, Tron, and other altcoins is significant enough that Bitcoin’s share of the market is down to 68.2% from the previous 69%.
Is Bitcoin going Stable?
The funny thing is that the altcoin bonanza has not affected Bitcoin’s price in the least. The mother and father of all cryptocurrencies is somehow stuck at around the $10,260 level, and it keeps trading sideways with fluctuations of 1% or smaller. While this can be discouraging to traders who want to make a quick buck, it also means that Bitcoin has found a way to resist volatility.
Bitcoin’s been above the 10K USD mark since September 02. It went as high as USD 10,800 four days later. It was a false breakout, and the price went back to USD 10,400 in just a few minutes.
Besides that parabolic event, though, Bitcoin has defended the 10k mark for more than ten days, which is in stark contrast with the high volatility usually associated with BTC and the emerging asset class known as a digital currency.
If Bitcoin doesn’t rally in the next few hours, then the digital assets world leader could see some of its market value go away in the hands of alts like Ripple (XRP) and Ethereum. This all might make speculators try to ride the green altcoin waves to make up for the losses they’ve had during the prolonged Bitcoin sideways trading session.
So it seems like a good day to get involved with some altcoin of your preference. Of course, you must never forget to do your due diligence first, make sure you know and understand the technical analysis numbers of Ripple (or any other altcoin you wish to back), have a business plan and follow it to the end.
Timing is crucial in the cryptocurrency trading world, of course. But informed decisions are just as relevant if you want to have a good session today.
Whether you’re a Ripple, Tron, Ethereum or any other altcoin’s fan, green days afford us all the chance to become emotional and make big mistakes that could make us lose a lot of our digital wealth.
Stay calmed and keep a cool head. We will see more days like these in the future, so if, for any reason, you miss the chance to earn a profit today, don’t despair. Just keep paying attention in the future.
The crypto world is exceedingly exciting, to be sure. It’s also quite risky. Stay safe so you can keep enjoying it.
Tron News Today – Headlines for February 16
- Tron acquires Steemit
- Tron Investors aren’t enthused by the development
- The network hopes the move will add more value to its offering
Tron News Today – Tron, the Justin Sun-led Blockchain network has recently been on a spending spree. The network has been acquiring several major Blockchain-based firms and announcing some notable partnerships. This is part of Tron’s effort to craft more utility around its Blockchain and provide value for its native coin the TRX token. The most recent addition to the TRON network is Steemit. Steemit is a content sharing platform that offers rewards to its users and influencers when they offer quality content that’s well-received by the members of the forum.
Tron has described the acquisition as highly strategic because it allows the entity to expand it’s list of DApps further because of the sheer number of apps that have been created on Steemits’ blockchain.
Tron Price Responds after the Recent Acquisition
Tron’s latest milestone was announced on Twitter. It was the content sharing platform’s founder, Ned Scott, that noted that after nearly four years of working on his project, the decision to sell to Justin Sun’s Tron came up. The exact details of the terms of Tron’s new acquisition remain unclear but it appears that Tron is still looking to advance the retail adoption of its Blockchain network and native crypto through the new arrangement, with Steemit. The Blockchain firm wants to take advantage of the ongoing growth of Steemit as a fresh catalyst for TRON.
Via another post, Sun discussed Tron’s latest company acquisition. He noted that both entities working together will usher in an era of decentralized social networking. All will be to the benefit of Tron and Steemit. In Sun’s words:
“We are very happy to welcome Steemit to the Tron network. Together we will launch an era of decentralized social networking.”
Investors Aren’t Enthused About the Acquisition
Seemits’ Blockchain STEEM token is currently trading on the red. The coin is down by 12%. Its current price is just under $0.25. It is important to note that this decline comes in tandem with the news about Tron’s foray into Steem’s ecosystem. It is also important to indicate that the decline in the tokens price comes as the entire digital currency market faces less turbulence. However, the move suggests that investors do not believe the partnership will offer much value to Steemit Blockchain.
As the Tron network further unveils its plans with regards to how it’s the latest move will ensure that its Blockchain adds value, chances are that investors will be able to gain better insight regarding whether the partnership with Steemit will be a positive one in the long run.
Steemit Moving to Tron Could Mean a Different Ballgame for BitTorrent
With Steemit acting as a content sharing platform and BitTorrent as a file-sharing platform, the quality of media entering the Tron ecosystem is unimaginable
On 14th February, Justin Sun the CEO of Tron and BitTorrent announced a strategic partnership revealing Steemit’s migration to the Tron ecosystem. According to the alliance, Steem will be migrating from its proprietary blockchain to Tron’s, indicating how the $Steem tokens will also be a part of the TRX ecosystem. In addition to this, decentralized applications [dApps] based on its blockchain will also be moving to the Tron blockchain.
Launched in 2016, Steemit is a blockchain-based blogging and social media site. It follows a similar incentivization system to Reddit — rewards for curating and publishing quality content. As per the stats showed by Similar Web, Steemit has a traffic of over 7.80 million; the biggest player in the cryptospace in terms of providing an alternative income model to content creators.
Tron has always lived up to its reputation for brilliant marketing. Right from John McAfee’s advocacy in 2017, the 1 billion TRX [ERC20-based] token coin burn followed by the acquisition of BitTorrent in 2018 and the build-up for a 5 million dollar auction lunch with Warren Buffet – they’ve mastered the art.
Nevertheless, questions around the technicality of its biggest acquisition – BitTorrent has bothered the tech-side of the crypto community for a while now. The former Chief Strategy Officer at BitTorrent, Simon Morris, who nearly worked for a decade on the software stated that there’s literally “no way” Tron’s blockchain could handle the transaction volume needed to tokenize BitTorrent.
Additionally, he even said that “it’s [Tron] basically a marketing machine layered on a very thin veneer of technology”.
To break it down, BitTorrent works on the simplest but exceptional P2P sharing mechanism. The seeders upload the content, and the leechers download the content on the basic tit-for-tat principle wherein, the more files one shares, the faster the download gets. Content is broken into pieces and everyone broadcasts the pieces they have, boosting the speed of distribution.
Under Justin Sun, the model works on an additional incentive structure with a monetary value measured as BitTorrent tokens [BTT]. It was said that BTT would allow BitTorrent clients to bid and earn, along with upstreaming their bandwidth options that can be used to purchase content, tip and crowdfund content creation.
Don’t neglect – Compatibility, and Security
Questions raise when practicality comes in the picture. For instance, u/bloodmoonslo a Redditor created a post on Tronix addressing the BTT incentive flaw.
His concerns were that uTorrent had similar properties to an ISP throttling [intentional slowing/speeding of bandwidth]. The download speeds BitTorrent possesses are:
- A base unboosted speed
- A BTT based boost [includes spending of monetary value for download speed]
- Original download potential through another torrent client [that doesn’t throttle]
As observed in the above image, uTorrent and QbiTorrent are running with the same VPN & Proxy settings. Both the clients are set with no connection limits and data usage restrictions on a 100mps hardwired connection.
The downloading speed of QbiTorrent is higher than BTT boosted torrent speed, concluding that paying up to download would still make no difference. Although possibilities are that uTorrent boosted onboards more seeders and becomes faster than other client channels.
But it’s also important to be aware that the downloading of this file started with uTorrent unboosted, followed by uTorrent boosted and another client [QbiTorrent]. And according to the mechanism, this, in turn, could’ve created a slower download speed since in the first download the least amount of peers were connected.
Indicating that a better example would be to run three computers at once, downloading the same file. Funny enough, even this would possibly be flawed as the three would be downloading the file amongst each other as well.
According to the research paper “An Empirical Study of Seeders in BitTorrent” established back in 2006, significant data was recorded.
The case study shows that as the download rate of a particular file increased, the rate of its seeding decreased; due to a relative increase in the number of temporary seeders in the swarm caused by users leaving their clients unattended for longer periods.
In layman terms, the seeding of a particular file decreases as its download increases caused by the increase in the number of temporary seeders generated through unprotected clients. How hackers can use your computational power to mine cryptocurrencies if your device is left unsecured? The same way temporary seeders use unattended clients to seed files and as rewards get better downloading bandwidth.
Bringing us to the point that possibilities of the same in the current ecosystem would risk the monetary value [BTT] people hold as higher bandwidth is not the only reward in the ecosystem.
In an era where websites such as Netflix, Hulu, Amazon Prime where one can watch content without any hassle the possibilities of people downloading pirated content from BitTorrent might not be in fashion anymore at least for the entertainment sector.
Nevertheless, BitTorrents 150M userbase clubbed with Tron’s 22M and Steemit’s 1M do not only have the potential to disrupt the existing media segments but also to revolutionize its production.
With Steemit acting as a content sharing platform and BitTorrent as a file-sharing platform, the quality of media entering the Tron ecosystem is unimaginable. Steemit’s information quality, self-curated data, and regional content complimented with BitTorrent’s uncensored media, unlicensed usage and free software, gaming, and application base could break the norms.
The vision of tokenizing the world’s largest decentralized file-sharing platform – BitTorrent collaborated with Steemit’s current progress might support Tron’s vision to build a free, global digital content entertainment system with distributed storage technology, for easy and cost-effective sharing of digital content.
Provided the team changes its priorities from Marketing > to Technology.
TRON CEO Announces Entrance In European Market
- Justin Sun has announced a new wave of adoption for TRON overseas in Europe.
- Bitsa has just seen TRON’s TRX token implemented into its system.
As reports came out that the TRON CEO and founder, Justin Sun finally had his anticipated charity lunch with the well-known billionaire investor and businessman, Warren Buffet it seems that the community is getting an extra surprise from the decentralised project.
Justin Sun has announced a new wave of adoption for TRON overseas in Europe.
Bitsa, the European payment company was specifically highlighted and allows users to spend their cryptocurrency with a prepaid card which has just seen TRON’s TRX token implemented into its system. Sun made the reveal, as he referenced the initial announcement from the card company.
With this new development, TRX holders will now be able to make payment with legal tender money in stores that accept VISA card.
The European card firm allows crypto users to make payment at online stores as well as a number of travel services based all over the globe with their cryptocurrency.
Verified by VISA technology, Bitsa card has said that it provides one of the most affordable services while spending abroad.