The bulls are apparently up and running, as we can see from the latest digital currency news. One of the biggest movements in the new swing was recorded by TRON (TRX) which managed to jump by more than 8.5% against the US dollar, proving its strong momentum.
The altcoin pair TRX-to-USD was trading at $0.023 yesterday and was down by around 4% from its intraday high. However, as the bulls woke up, the pair has recorded an upswing that made it correct to $0.024 and with this set new intraday highs.
In total, the market surged from around $125 billion to $131 billion in the past 24 hours, adding $6 billion to the table. Some of the altcoins that made the news include the names of Binance Coin (BNB), Litecoin (LTC) and Tron (TRX) which all led the bullish correction with gains that ranged from 10% to 20%.
Ethereum and Bitcoin Cash, on the other hand, have also jumped and registered 5% movements on the upside. Bitcoin and XRP were more modest, jumping by 2% to 3% as the market went above the $130 billion mark.
The upside that was recorded by Tron (TRX) moved in the direction of the overall market trend and had a potential to sustain owing to the strong fundamental factors. This has a lot to do with the controversial firm (behind the stablecoin) Tether (USDT) and its recent announcement that it would launch USDT on the Tron blockchain.
#TRON is partnering with @Tether_to, officially introducing USDT into the TRON #blockchain. This integration will elevate our dApp ecosystem, increase DEX liquidity, and enhance accessibility for Partners and institutional investors. $TRX $BTT https://t.co/OL6gFK1C0h
— TRON Foundation (@Tronfoundation) March 4, 2019
Analysts hope that the upswing will continue but may not be as strong as the one recorded over the past 24 hours.
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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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