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.
Market Sees Red, Losing $1 Billion Overnight While Bitcoin Remains At $3,600
Crypto Analysts: 2019 May Be A Year Of Bitcoin Accumulation
“Similar to 2015, 2019 may be the year of accumulation.’’Another crypto researcher Willy Woo said that while a crash of bitcoin to $3,122 could lead to an increase in volume, it won’t show signs of starting of the accumulation period. He pointed out:
‘’Despite the technical setup that suggests bullishness is possible, there’s not a lot on-chain volume to fuel a prolonged up move. What we saw in the last 7 weeks was a spike of on-chain volume driven by volatility, coins moving to exchanges to trade. The initial volume spike false signalled a faster detox and an earlier end to the bear market, but in fact it was a volatility side effect. That move from $6k to $3k created immense trade volume, but it was in no way a signal that accumulation volume had begun.’’Until evidence for the accumulation of crypto assets shows up, there are still expectations of high volatility levels.
Dmitry Medvedev: ‘’We Should Watch Closely What Happens To Cryptocurrency’’
‘’But this, of course, is not a reason to bury cryptocurrencies. There are both light sides and dark sides, as in any social phenomenon, in any economic institute. And we should just watch closely what happens to them.’’He continued to discuss social inequalities and how the global digital transformation is speeding up saying the cryptocurrency is a part of that fast-going phenomena. The news comes right after major media outlets published the story of Russia’s plan to purchase $10 billion worth of BTC. Turns out that the news was fake. The Russian economist from the Presidential Academy of National Economy and Public Administration Vladislav Ginko pointed out that he strongly believes that Russia might use Bitcoin to fight economic sanctions and this story swamped the media and got massively exaggerated. Russia is, however, preparing a crypto bill that will provide stable cryptocurrency regulation in the next two months. The Duma State will be drafting a regulatory framework in February to regulate ICOs and crypto crowdfunding.
Nearly 1.5 Million People Used dApps In 2018, More Than A Half Being On Ethereum
"TRON is the most ambitious in the dapp field, with a $2 billion Project Genesis launched in the second half of the year. In addition, it spends $100 million on TronArcade to promote its dapp ecosystem."TRON (TRX) launched 97 decentralized applications in 2018, while its ecosystem and community have been growing at an alarming rate. This week, TRX was added to OKCoin, which is one of the largest US exchanges, in order to be traded against fiat, Bitcoin and Ethereum. The report also showed that gambling accounted for $3 billion in transactions over the course of 2018 in dApps.
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