Yesterday was a relatively slow and sluggish day for the performance of Bitcoin and most of the altcoin. However, for TRON, it was one of the best days this month. The price of the cryptocurrency strengthened against the US dollar while the rest of the market remained stagnant.
Tron’s TRX token jumped more than 8.5% against the USD while the other major cryptocurrencies were sluggish. From the technical point of view, TRX/USD already crossed above its near and medium-term moving averages. The other indicators are also signaling a potential upside extension and a bullish sentiment.
Right now, analysts are trying to see what is the factor behind this growth of TRX. There are three theories:
- Smooth Mainnet Migration – TRON recently started its migration from the ERC20 to the TRON20 standard which is a native coin for the Tron Independent mainnet. The migration is so far running smoothly and there are 351 blocks already being migrated. The round also has support from Binance, Gate.io, Max, Bitfinex, HitBTC and other exchanges.
- BitTorrent acquisition – The second factor behind the growth of TRON is the recent acquisition of BitTorrent, which was confirmed by the founder, Justin Sun. Meanwhile, BitTorrent is known as the world’s leading torrent client with more than 150 million active users per month.
- Virtual Machine Launch – Another big factor that could drive the surge behind TRX is TRON’s Virtual Machine (TVM) which according to the recent announcements from the company, is 80% faster than Ethereum.
- Secret Project Hype – The hype around a secret project seems to be the last factor driving TRX’s growth. According to the founder of Tron, the secret project will add over 100 million active users to TRON’s platform which is why it seems exciting for many.
At the end of the day, TRON needs to maintain the bullish momentum this week and prove that all of these factors are pushing its growth over the next weeks and months.
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“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
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“Voluntary retirement is part of our support program for former employees and is intended to provide assistance and training for job placement. Apart from that, [Bithumb’s] trading volume has decreased compared to the previous year, [so] we are trying to provide internal measures. We will continue to add necessary personnel for various new businesses.”Bithumb still hasn't responded to the requests for comment. However, many speculate that this move is right because of the crypto winter which led to a lot of minuses all over the market. Still, what's interesting is that Bithumb has been preceded by many other firms in the sector - such as the mining giant Bitmain, the blockchain software company ConsenSys, the decentralized social network named Steemit as well as the similar crypto exchanges Coinsquare and Huobi - all of the companies which have decided to make significant cuts in the recent months. According to data from CoinMarketCap (CMC), Bithumb has seen more than $1.3 billion in trades over the past 24 hours. The exchange, however, was removed from the CMC global exchange rankings in January 2018 mostly because of the concerns that the site had over the reportedly "extreme divergence in prices from the rest of the world" and its fellow exchanges in South Korea. Currently, everyone is waiting for an official confirmation about the layoff from Bithumb. The respected exchange hasn't confirmed anything yet but will probably do that over the next couple of days.
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