TRON Price Slides 25% Overnight; TRX Hits New Low Despite BitTorrent Web Rollout

TRON (TRX) was struck by a 25% loss overnight, and by Tuesday morning had sunk all the way to the $0.012 range – a price level not seen since December of last year.

That followed the rest of the market in yet another crash which wiped a further 18% off the value of Bitcoin, sending the coin price all the way to the $4,300 range – a price last seen in October of last year.

As the global crypto market cap hovers around the $140 billion range (down from $214B just last week), no fundamental news is making itself felt.

Even the launch of BitTorrent Web – an in-browser torrent streaming application – wasn’t enough to halt TRON’s slide/ That’s despite the earlier release of uTorrent Web back in September resulting in a chunky price boost for TRX.

BitTorrent Web Released

The BitTorrent team announced the release of BitTorrent Web last night, tweeting:

“A few months after officially launching µTorrent Web, we’re proud to launch BitTorrent Web. Available for Windows, it’s a simple, web-based torrent client for the #streaming age!”

As with the release of uTorrent Web last month, the new application will allow users to stream torrents direct from their browser, without having to download the entire file first.

TRON founder and CEO, Justin Sun, also took to Twitter to spread the news. Sun told his 576K followers:

“Congrats to the team for releasing BitTorrent Web! Torrent meet streaming to offer the best user experience. Available now on Windows, Mac version in the works…”

The uTorrent Web rollout was a measurable success back in September, with over a million daily active users hitting the platform within the first few weeks of launch. As tweeted by the BitTorrent team at the time:

Proud to announce that our Web-based torrent streaming client, µTorrent Web, surpassed 1,000,000 daily active users. If you’re waiting for a BitTorrent Web, rest assured that it’s coming soon!”

TRON Price Update

For the twenty-four period leading up to Tuesday morning, the value of TRX sunk by 25% in line with the rest of the altcoin market. That fall took the TRX price from $0.017120 down to the trough of $0.012835 by around 09:00 UTC.

That means that TRON is no longer a billion dollar entity, as the market cap sunk to the $900 million range for the first time since December 2017.

TRX is now down 40% for the previous seven days – only slightly worse than the 35% lost by Monero (XMR), Litecoin (LTC) and Ethereum (ETH) – all of which are now flirting with new lows for 2018.

The only coin to offer any kind of resistance against the recent blood-letting is XRP, which remains anchored to the $0.45 valuation it has held for the last couple of months.

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.

Author:
Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.