Tron Price Breaks Even For Week After 52% Growth; TRX Still Ahead of Pack
Tron (TRX) is back to square one after a week in which it gained 52% on its dollar value and surged past Bitcoin SV (BSV) and Tether’s (USDT) market caps in the process.
The value of TRX fell 34% since Thursday, Jan 10th – three days ago at time of writing. Despite the plunge, TRX remains one of the best winter-market performers among the major altcoins, as the cryptocurrency recorded 111% gains on its value since November, 2018.
A week is a long time in crypto land, and that was displayed no better over the last seven days than with TRX.
This was followed by the initial rollout of the BitTorrent Token (BTT), and a continuation of Tron’s surge up the market cap rankings.
It all came to a crescendo on Thursday, when news broke that the Tron Foundation had hired a former SEC attorney onto its staff. By then, TRX had surged to 52% over three and a half days, and a coin price of $0.034225 – a new six month high.
Celebrations were out in full force, as Tron CEO and founder Justin Sun began retweeting memes of TRX delivering death blows to its altcoin competitors.
Pride goeth before the fall, so the scriptures go. And when the fall arrived, it arrived to the tune of 34% losses over seventy-two hours. The TRX price sunk from that six-month high all the way down to $0.022529 – just $0.000014 away from the price at which it opened the week.
Within those three days, some serious doubt was thrown on Tron’s capacity to handle the volume that its BTT token will ultimately produce. Former BitTorrent chief, Simon Morris, also offered a glance inside the mind of his former colleague, Justin Sun, and went so far as to compare him to the U.S President, Donald Trump.
By Sunday morning TRX volume had returned to the $150 million range, after topping a nine-month high of $1.1 billion only days earlier. Instead of memes, Justin Sun was retweeting images of the Tron roadmap – which I just realised extends all the way to 2027.
Even had last week’s 52% flurry not occurred, TRX remains 111% better off than a month and a half ago. In that same time frame, Ethereum (ETH) has gained around 50%, while Bitcoin (BTC) is almost at break even.
If we go by the assumption that altcoins are free to maneuver in the market on their own, then the broader signs look good for TRX. However, if we take the view that the market always corrects those which wander too far, then it just means TRX still has further to fall.
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.