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.
The 30% Share Battle: Hundreds Of Crypto Exchanges Compete For Market Share
“In a stagnant market, the head effect (a Chinese market concept similar to the 80-20 effect) is now more evident for cryptocurrency exchanges. The top 6 exchanges have over 3 billion in trade volume each and takes up 58.9% of the total trade volume. The top 14 exchanges have over 100 million in daily trade volume and takes up 73% of the total trade volume.”As we can all conclude from the above mentioned, the rest of the two hundred (or so) cryptocurrency exchanges only have in total - less than 30% of the entire market share. Moreover, the visits to these exchanges are declining month by month, just like the bitcoin and altcoin trading activity. Bloomberg had recently reported that the leading exchange, Coinbase, has been hit hard and that its consumers trading activity has decreased by around 80% compared to last December. According to other statistics from CoinMarketCap, Binance trading volume peaked in January 2018 and has fallen 80% since then.
Researchers At McAfee Spot A New Russian Malware That Mines Monero And Zcash
“On x86 systems, it injects Cryptonight miner code into a running process and launches a process monitor. On x64 systems, it checks the GPU configuration and downloads and executes Claymore’s Zcash miner from a remote server.”Even though the malware was created in Russia, researchers claim that it has spread around the world - and there have been infections found in Brazil, South Africa as well as the United States. McAfee Labs also warned the users to look out for potential signs from their computers, stating:
“Once a machine is compromised, a malicious app runs silently in the background with just one sign: performance degradation. As the malware increases power consumption, the machine slows down, leaving the owner with a headache and an unwelcome bill.”This attack is another clear example of why the stockpiling of vulnerabilities by governments is a problem, according to many experts in the field. Meanwhile, cryptojacking has surged by 459% this year alone, according to recent research.
New $3 Billion Wipeout: Altcoins Start The Week Poorly
South Korean Exchange UpBit to Launch In Thailand And Indonesia
“Both countries appreciate the growth potential of the cryptocurrency industry. Thailand and Indonesia are very interested in blockchain and cryptocurrency, so we thought it would be a good thing to have an online presence before launch.”Operated by Dunamu Inc. which is an affiliate of Kakao Corp. which operates the country's most popular chat app Kakaotalk, Upbit is affiliated with the US exchange Bittrex. As the news outlet shows, the exchange was also planning an expansion move overseas, quoting the CEO stating:
“From the outset of the Upbit business, the company had a blueprint to become a global foreign exchange, not limited to the domestic market.”The current websites confirm that Upbit will be available in Thailand and Indonesia soon. For Thailand, there will be 131 coins and 241 pairs listed - while Indonesians will benefit from 156 coins and 276 trading pairs, accordingly.
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- The 30% Share Battle: Hundreds Of Crypto Exchanges Compete For Market Share
- Researchers At McAfee Spot A New Russian Malware That Mines Monero And Zcash
- New $3 Billion Wipeout: Altcoins Start The Week Poorly
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