TRON Is Advancing FAST and Heading to the 8th Position in Market Cap
Today we have some pretty exciting news to cover. TRON has recently soared to 8th spot on Coinmarketcap. The token has maintained a strong bullish momentum, increasing by 53% in just the last five days.
Tron’s value currently sits at 0.029 dollars with a market capitalization of 1.98 billion dollars. In the last two weeks, TRON has pushed Bitcoin SV from its 9th position, and Tether from its 8th place. In the previous 24 hours, they’re one of the only tokens seeing greens in the market, with a 14,09% increase in value. Since the market is very volatile, we’re now aware that TRON has slipped to 9th position with a value of $0.026 with a market cap of $1.78 billion. Despite the recent decline, TRON has been performing fairly well in the last few weeks.
Many are speculating why, but we believe that there have been a few key developments, contributing to this surge in popularity.
On January 3, BitTorrent announced that they will launch their BTT token, allowing users to experience faster downloads. The company was acquired by TRON during July 2018 and will be the first token launched from Binance LaunchPad. The BitTorrent Foundation will be issuing the BTT Token (which is also TRC-10 compatible). It will be available to Binance users excluding those in the US.
Tron’s decision to launch the BTT token is commended by many in the community, particularly Changpeng Zhao, Binance’s founder, and CEO. He noted that Sun is bringing a cryptocurrency-centric business model to BitTorrent via his Tweet: “The Grandfather of Dapp[s] finally finds its decentralized currency and business model. Should be a very interesting case study.” As a key person of influence in crypto, Zhao’s tweet gained a lot of exposure reaching more than 100 retweets and gaining over 500 likes, with a large number of comments following up on what Zhao had mentioned.
While many see BitTorrent as nothing but a decentralized exchange for pirated data and even argued that TRON would eventually turn BitTorrent into a paid service, TRON is actually providing users the option to spend cryptocurrency tokens (more precisely their BitTorrent Token (BTT) to boost the user experience. As for the token, the BTT whitepaper shows that there will be more uses with the token in the future.
I believe TRON’s decision to introduce the BTT token for BitTorrent is very clever. If they can transform this large userbase of decentralized internet users into cryptocurrency users, they would be one of the first movers to gain significant market share in the economy. It could be an approach TRON is testing out to see if they can build critical mass, which is a crucial technical necessity for all distributed systems.
On top of this development, some argued that the recent Ethereum Classic 51 Attack had also boosted TRON’s popularity and credibility in the last few days. While it may appear unrelated, Ethereum Classic’s system was compromised due to a double spend attack, which goes to show how the Proof Of Work algorithm is still susceptible to rogue miners. TRON instead, uses the delegated Proof of Stake algorithm, which doesn’t have the same or similar vulnerabilities to Proof of Work. EthereumWorldNews speculated that investors may have seen this technical difference and have found the TRX token to be a more attractive investment for the long-term.
Furthermore, it was recently announced via a press release on January 9, that the cryptocurrency platform has also recently hired David Labhart, the former Securities Exchange Commission Supervisory Attorney as their first Chief of Compliance officer. Labhart will also be the co-general counsel at Tron. Labhart is excellent for the role, as he has extensive legal and regulatory experience, with nearly 15 years in the securities industry. This new hire is an enormous milestone for the company as they are investing, not only in their technical infrastructure but critical people in the team.
It also shows that Tron is serious when it comes to regulation. Sun mentioned, “as the cryptocurrency space matures, investors and regulatory agencies around the world must trust that Tron has a forward-thinking and stable growth trajectory that doesn’t run afoul of any regulatory requirements.”
Tron’s ability to progress into 8th place falls in line with the company’s growth and developments. AMB crypto believes that they could potentially enter the group of tokens with over $2 billion market capitalization very soon. Some even argue that Tron is killing it and will become a top 3 Crypto and that there is more to see from the token in 2019. While it may be a long way before TRON achieves their vision, of building the infrastructure for a decentralized internet, they’re doing a solid job when it comes to the technical infrastructure, their acquisition strategy, and human resources.
What are your thoughts on the situation guys?
Do you think TRON will continue to move up further in the ranks?
Or do you think their growth is too quick, unsustainable, and their increasing value is based primarily on speculation?
Let us know what you guys think in the comments below!
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Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing. Cryptocurrencies are a very risky investment, never invest more money than you can afford to lose.