TRON (TRX) Leads Pack with 34% Growth as Crypto Market Rebounds

TRON (TRX) saw a 34% increase to its coin price on Wednesday, as the global crypto market underwent a 16% rebound.

TRX led the major altcoins, and recovered more than twice the value of EOS (EOS) and Bitcoin Cash (BCH) during the much awaited pump, while the gains made by Bitcoin (BTC) were more in line with the market average of 16%.

TRX Price

From the twenty-four hour low of $0.011611, the price of TRX underwent a 34% uptick which carried it to a valuation of $0.015667.

That’s the first time the $0.015 range has been reached in over a week now, but despite the rise TRX is still down 39% over the last three weeks, and around 50% for the quarter.

Trade volumes almost trebled on Wednesday, rising from $55 million to $138 million by the evening, with 50% of trades coming against USDT.

The crypto community is split regarding today’s pump, with optimists strapping in for a bull run, and pessimists (or realists) awaiting the next blood-letting. Most experienced crypto traders will be playing the Tether game at this point, so money can still be made without too much risk.

TRON Coin News

TRON founder and CEO Justin Sun tweeted out the latest TRON Weekly Update this week, which detailed the increased DApp use on the TRX blockchain. The update states:

“Since the first DApp Weekly was released, we noticed that more blockchain developers began to dig deeper into TRON’s technology, and more teams started to develop on TRON.”

The update did state that the DApp number was the same as last week’s, however, more DApps are employing the TRON mainnet through other channels, such as games, tools, DEX etc.

When the market dip struck a few days ago, Justin Sun urged TRX holders to keep the TRX transaction volume in mind, and predicted it would continue to rise. That seems to be holding true, as of the most recent transaction points to new highs for mainchain transactions. As per the update:

“TRON’s official DEX has also seen strong growth with a daily transaction volume of over 100 million TRX. Based on the Bancor Protocol, the DEX receives lots of applications for token listings every day.”

Blockchain transactions for Wednesday, Nov 28th, stood at 1.9 million, with an expectation that it will top two million by December 1st.

Up or Down?

Unless you’ve got more skin in the game than you can afford to lose, it’s not hard to enjoy the bristling anticipation surrounding what’s going to happen next.

According to recent data, more ETH has been withdrawn from ICO treasuries than ever before this week, and overall liquidity remains on the sharp decrease.

As asked by more than one person today: Renewed optimism? Or Just a bounce?

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.