Tron is catapulted into the top 10 as value soars
The price of Tron (TRX) has soared today despite being in a falling market.
According to the Coin Thud live price charts, Tron has rallied over 8% in the last 24 hours.
Like a salmon swimming against the current, Tron’s price surge has seen it re-enter the top 10 cryptocurrencies.
By total market capitalization, Tron is now number ten after passing, Dash, Monero, and IOTA.
As the majority of other digital assets have sunk in value this week, Tron has risen by an impressive 36.7% over the last seven days.
Why is Tron rising?
Tron has recently completed a number of technical developments to its network.
Despite still being in its initial Exodus stage, Tron is progressing rapidly with frequent updates.
Furthermore, the team is about to launch their highly-anticipated first Test Net on 31st March.
The Testnet is the first significant step in creating their ambitious open source entertainment ecosystem.
The days leading up to the Test Net launch have triggered a spike in market price as excitement in the community builds.
On Thursday, the asset has reached a price of $0.0492 and become one of the most actively traded on Binance.
— Justin Sun (@justinsuntron) March 29, 2018
The recovery might seem rather slow compared to the astronomical price rise in December.
But with 96% of the top 100 cryptocurrencies in the red today, the TRX rally is highly impressive.
TRX has experienced similar recoveries in the past, which have later slowly unraveled.
Time will tell
In the coming months, the crypto market will show whether altcoins like TRX can regain their appeal.
Tron still has a few more days of hype left, so time will tell if it can hold it’s value after the positive news dies down.
As TRX makes a return to the top ten cryptos, it will only increase its visibility.
TRX remains a token mostly dependent on Asian trading, however.
The real work of the network remains unseen as the project unfolds over the coming years, and its future relies on building partnerships.
If the project loses credibility along the line, investing in TRX may run the risk of potential losses in the long term.
The spikes in exuberance along with intense marketing efforts and positive announcements from the team, makes trading TRX and attractive proposition, however.
Sudden and profound losses, as well as dwindling trading, have caused Tron to suffer a similar fate to Verge (XVG).
Negative messages spread in cryptocurrency circles have caused investors to lose faith in the project.
But TRX is beginning to find supporters again since it’s been trading at a lower price.
Given the current rise, buyers who are standing on the sidelines may now be tempted to jump in.