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 Price Resumes Bearish Trend and Falls Down to $0.015
- Tron (TRX) slips down during the intraday trading.
- The downtrend seems to stay for a while.
Tron price is seen trading with a bearish trend. Last month, after touching $0.0118, Tron started moving up. The uptrend took the price to $0.0175. The upward movement is interrupted as the price is seen around $0.015.
The intraday traders are expected to experience a similar trend for the rest of the day but this fall seems to stay. There are anticipations about the improvement in the coming days but it seems far-fetched. Let’s have a look at the price chart of Tron to understand the movement more precisely.
TRX to USD Price Chart:
Tron price chart is reflecting price loss in September but in comparison, a recovery in October. The price started moving from $0.0156 went to $0.0160 by 2.52%. The price immediately fell to $0.014 by 11.76%. Further, the price escalated to $0.016 by 14.45% just to fall again to $0.014 by 11.14%. Further, the escalation took the price to $0.015 and later to $0.018. The price fluctuated at $0.018 and fell to $0.0117. The last upsurge took the price counter to $0.0149. The month marked a loss of 4.26%. In October, the price has marked escalation. The first hike took it to $0.015 from $0.013 and the next brought it up to $0.0175 from $0.014. The latest price movement is exhibiting a fall as the trading price of currency is back to $0.015.
As it is clearly indicated on the chart, Tron is registering a fall. The price is currently standing at $0.0158 and the support level is seen forming around $0.0155. However, there are also chances for improvement during the intraday transaction. The first resistance level is formed around $0.0160. Take a look at the support and resistance chart of Tron.
|Resistance Level||Price||Support Level||Price|
Tron is expected to have a great future. The traders interested in the coin are suggested to go for short-term period as it would give a colossal profit.
Bitfinex announces successful BTT airdrop to wallets holding Tron
Bitfinex announced on Twitter that the BTT airdrop had been completed successfully and that all participants had received token relative to their TRX holdings.
The airdrop, which had been announced back in February this year, gave out BTT tokens for TRX holdings on supported exchanges in a 0.11:1 ratio (0.11 BTT per TRX held). This means that for every $1000 worth of TRX tokens held, the wallet will be eligible to receive around $5 worth of BTT.
However, the amount of BTT distributed to TRX holders is also scheduled to gradually increase over time, by 0.1% per year, till they year 2025, after which the program will be discontinued.
Though initially there had been no restriction to how much TRX had to be held, after the first two airdrops TRON announced that only wallets holding at least 100 TRX would be eligible to receive BTT. An initial snapshot had been taken when the TRON block height reached 6.6 million and the first airdrop had distributed 1.1% of the total BTT supply. By 2025, this percentage should increase to 1.7%.
Also, in order to reward long-term TRX holders, BitTorrent will airdrop an extra 99.99 billion BTT (~$44 million), which corresponds to 10% of the total supply.}
Tron SR rankings shuffled as Binance unfreezes massive amounts of TRX
One of Tron’s primary beneficiaries has been Binance, and according to Misha Lederman, a famous Tron enthusiast, there seems to be something brewing between the two.
Tron and its Chief Executive Officer Justin Sun have been known to create news in the cryptocurrency space with the sheer number of updates and developments from the company’s roster. This news making ability has also been helped along by several partnerships and tie-ups that have taken the company to new heights.
One of Tron’s primary beneficiaries has been the Changpeng Zhao led Binance, and according to Misha Lederman, a famous Tron enthusiast, there seems to be something brewing between the two. Lederman’s latest tweet read:
“Interesting development in #TRON ecosystem:
@Binance seems to have unfrozen 11.9 billion TRX, previously voted for #Binance in the SR elections. That would make @SesameseedOrg 1st, @BitGuild 2nd, @trxdream 3rd & @BeatzCoin
4th in the SR ranking. @cz_binance, care to comment😉?”
During the vote periods, Sesameseed had 494,177,142 votes while BitGuild, Tron-ONE, and BeatZCoin had 423.372 million, 410.206 million and 368.471 million votes respectively. The reason for the switch remains unknown, but many users in the space have speculated as to what the reasons may be. Cryptoworld, a cryptocurrency enthusiast, replied to Lederman’s tweet by saying:
“The reason is simple, if Binance remains SR with + 50%, the SEC can consider that TRON is not decentralized enough, and it could become a security, which nobody wants here.”
Some users have also speculated that Binance didn’t actually have to free the 12 bullion because they were able to vote without affecting the liquidity of the exchange. Binance had made waves when Tron had announced that the exchange had become its top Super Representative while it added TRX staking support. This September 30 development had occurred after the cryptocurrency exchange acquired over 12 billion votes in the Super Representative elections.
Binance was also in the news recently when it added an XRP pegged coin to its fold. The XRP-BF2 will be the new token that users will be able to utilize for instant swapping with no hiccups. Binance has stated that it has minted a whopping 10 million XRP-BF2 for the DEX.