Lesser Known Cryptocurrency Tron Up 50% as Market Cap Crosses $5 Billion
The crypto market’s New Year rally extended to lesser known altcoins Tuesday, with Tron (TRX) the latest digital asset to reach new record highs.
TRX Price Levels
The Tron token, TRX, rose more than 47% against the dollar to settle at $0.0778, according to CoinMarketCap. Prices touched an all-time high of $0.0869 at 16:14 UTC.
TRX was up 35% against bitcoin and nearly 32% versus ether.
With the latest rally, TRX is now the world’s 14th largest cryptocurrency with a market cap of $5.1 billion. That’s equivalent to more than 342,000 bitcoin.
Daily turnover in TRX approached $1.6 billion, with Binance accounting for nearly 85% of the total market. The TRX/BTC pair on Binance was by far the most popular, followed by TRX/ETH.
Tron: Severely Undervalued?
Though not nearly as well known as the more popular altcoins, Tron has attracted a large following as it embarks on the grand mission of creating a worldwide free content entertainment system.
According to the company’s website, Tron’s platform allows users to “freely publish, store and own data, and in the decentralized autonomous form.” It also “decides the distribution, subscription and push of contents and enables content creators by releasing, circulating and dealing with digital assets, thus forming a decentralized content entertainment ecosystem.”
Over the past month, the TRX token has gained more than 3,700% on news of major partnerships with global businesses.
A strategic partnership with oBike, Singapore’s massive bicycle-sharing system, earned Tron considerable media attention last month. There’s also speculation that Tron could partner with e-commerce giant Alibaba in the near future. It turns out that Alibaba invested hundreds of millions of dollars in a ride share company called Kuadi, whose founder just so happens to be a member of Tron’s team.
The connections don’t end there. Tron’s founder Justin Sun was hand-picked by Jack Ma to study at the Jack Ma Hupan University for aspiring entrepreneurs. Sun has been featured in the Forbes Asia 30 Under 30.
Tron’s growth prospects and low price point suggest it could be one of the market’s most undervalued coins. If its recent trajectory is any indication, it could be the next altcoin to spike. Even with the latest gain, TRX is worth a mere seven cents, potentially making it a low-risk, high-reward play for investors looking to diversify away from bitcoin and some of the bigger altcoins.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.