Tron Price Grinds Higher in Wake of BitTorrent Acquisition
The value of Tron’s TRX currency rose on Thursday after the company concluded its acquisition BitTorrent, the popular file-sharing network.
TRX Price Levels
Tron’s native currency rose 2.6% on Thursday to $0.0377, bringing the total market cap to $2.5 billion based on a circulating supply of 65.75 billion TRX. Total trade volumes reached $180 million with Binance, OKEx and Huobi generating the majority of the turnover.
The Tron price has been grinding higher since Tuesday, reflecting tepid gains in the broader cryptocurrency market. Since bottoming at $0.033 on Tuesday, TRX has rebounded nearly 14%. TRX is down 2% week-over-week. By comparison, bitcoin has gained nearly 11% on a weekly basis.
Tron has fallen out of the top-ten cryptocurrencies based on total market cap. It currently ranks 11th in value and is the tenth most traded cryptocurrency on the market, according to CoinMarketCap.
Although it is not entirely clear how Tron plans to utilize BitTorrent, the acquisition gives Justin Sun’s company added clout in its quest to create a globally decentralized content platform. BitTorrent, which boasts 100 million active users, was referenced eight times in Tron’s controversial whitepaper – a 36-page document whose contents were plagiarized from IPFS and Filecoin, among others.
Earlier this week, BitTorrent announced it will operate from Tron’s new San Francisco office, which will also house the company’s global expansion efforts. According to the official blog post, BitTorrent’s division “will provide robust support for Tron’s global business development and partnerships, while pursuing its vision for the world’s largest decentralized ecosystem.”
The blog added: “We believe that joining the Tron network will further enhance BitTorrent and accelerate our mission of creating an Internet of options, not rules.”
Tron’s acquisition of the file-sharing platform was no easy feat. Justin Sun reportedly filed a lawsuit against the company, which attempted unsuccessfully to re-brand as Rainberry, after it violated the terms of Tron’s Letter of Intent. Sun later registered a company called Rainberry Acquisition Inc. and submitted an application to merge with Rainberry (BitTorrent) in California.
Though still speculation at this point, Tron’s merger with BitTorrent may provide new revenue streams for content producers operating on the torrent network. Under this model, TRX would become the medium of exchange for BitTorrent, allowing users to pay for content or vote with their feet in support of specific producers or story lines.
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.
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