The past 48 hours were great for the TRON altcoin, which was featured in the latest digital currency news for its 10% surge on the day. While Bitcoin declined from $3,657 to $3,515, TRON managed to rise – but was not as powerful as many expected in terms of recovering the market cap decline.
Speaking of which, the decline in the price of Bitcoin has led the valuation of the crypto market to drop by $2 billion – from $221 billion to $219 billion. On top of that, major other crypto assets such as Ethereum (ETH), Ripple (XRP), EOS (EOS), and Bitcoin Cash (BCH) recorded losses from 3% to 5%.
For TRON, the past two months were great. In the month of January, TRON outperformed both Bitcoin and the US Dollar and since December 15th, managed to increase from $0.0129 to $0.0303 which is more than 134%.
Even though TRON remains down by 89% from its all-time high, the recent efforts from the team behind it and the CEO Justin Sun to allocate large amounts of capital in financing decentralized applications (dApps) and developers have finally had a positive impact on the short-term price trend of TRON.
We will see if the rally continues for TRON and if it is able to push the market and Bitcoin along with it.
Ethereum Price Increases By 13% Overnight, Is The Market In For Recovery?
“We’ve had some bullish moves on ETH, BTC, and altcoins over the last 2 weeks. Is the bear market over? Maybe, the fact of the matter is we are going up. Traders must see PA for what it is and can change bias quickly. If you have been stuck with a bearish lense you are missing out.’’Over the past few months, Bitcoin and the other cryptocurrencies show similar movements. BTC showed weeks of stability but it later plunged by 10 percent. However, the current stability is not a guarantee for improved future performance. The crypto market shows a period of stability for the past couple of weeks. Ethereum made gains during today’s trading session. After the 12 percent surge in the price of ETH, crypto trader DonAlt said:
“Well, this is a proper moon. Not a big liquid spike but rather a nice controlled walk up. Didn’t expect quite this much action into the weekend but I’m not complaining. ETH as the top gainer on BitMEX. Right at resistance here – will be interesting if it can break through or not.”
Bitcoin Goes Over $3,750 As Total Market Cap Rises To $126 Billion
Ripple (XRP) Loses Momentum – Possibly Because Of JPMorgan’s Crypto Spell
“If it turns out that the Blockchain/Coin framework turns out to be a good one for banks transferring money around, then the JPM Coin should absolutely obliterate Ripple."The arguments that the newly released JPMCoin (which will be pegged to the dollar ) could replace Ripple are still strong, stating that this is a huge slap for Ripple and its cross-border payments and remittances. Ripple's boss, Brad Garlinghouse, doesn't think so. As he tweeted: https://twitter.com/bgarlinghouse/status/1096118363506434048 Right now, it remains to be seen if Ripple is going to fight back in the short term. Besides that, it appears unlikely that another centralized stablecoin will do so much damage to XRP. The only bad scenario right now is that banks continue developing their own in-house solutions rather than working with XRP, which is kind of disappointing for Ripple and its business model.
Japanese e-Commerce Giant Rakuten With A New App That Will Probably Support Crypto Payments
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