Tron Rally Goes Into Overdrive as TRX Flips Stellar for Tenth Spot in Crypto Ranking
The value of Tron (TRX) continued higher on Monday, extending an impressive four-day winning streak that has allowed the token to leap Stellar (XLM) for tenth spot in the crypto market cap rankings.
TRX Price Update
Tron’s TRX token climbed 5.4% on Monday to hit $0.03883, according to CoinMarketCap. The token peaked above $0.0400 on Sunday for the first time in nearly three weeks.
Over the past four days, Tron’s value has increased by a fifth. The token was up by as much as a third during the previous session. Compared with last month, Tron has gained more than 36%.
TRX is currently in the midst of a strong uptrend that began last month. Whereas previous rallies were capped below $0.03600, TRX’s recent performance suggests the bulls have emerged with the upper hand. To carry the momentum forward, the bulls must now re-test the psychological $0.0400 territory.
At current values, the Tron blockchain has a total market capitalization of $2.6 billion, overtaking Stellar for tenth spot in the market-cap rankings. Stellar has since fallen all the way back to twelfth spot.
The Tron blockchain is clearly benefiting from the market uptrend that was kick started by bitcoin last week. Although bitcoin’s dominance rate has swelled to almost 60%, altcoins and tokens have benefited from the latest buying frenzy. On Saturday, the total cryptocurrency market cap spiked above $330 billion for the first time since June 2018.
As CCN recently reported, Tron emerged as an ideal asset for intraday hedging during the latest uptrend. The cryptocurrency is moving within a rising wedge formation and a retracement back towards the wedge support could create both long and short opportunities in the near term.
The TRX rally also comes on the heels of positive developments surrounding the launch of a new stablecoin on the Tron blockchain. Carbon, a New York-based fin-tech startup, has created the first fiat-backed stablecoin on the Tron network.
Tron is also approaching the one-year anniversary of its independence day when it finally moved from testing to block production. The network has quickly emerged as one of the leading decentralized application platforms, according to data from dappradar.com. In terms of active users, four of the top-ten dapps are built on Tron.
The development team behind Tron recently announced that a new mainnet upgrade of the Odyssey mainnet will be implemented shortly. Odyssey 3.6 will usher in a host of new features designed to enhance and accelerate dapp creation.
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. Chart via CoinMarketCap.