All cryptocurrency markets are swept up in this wave of bullish momentum, by the look of things. With the total cryptocurrency market cap increasing by over $110bn in the past 24 hours, things look rather intriguing. As a result, even the TRON price is up by a whopping 34.85% all of a sudden. It will be interesting to see how long this positive momentum will last time this around.
TRON PRICE REACHES $0.0375 AGAIN
It has been a difficult start to 2018 for most cryptocurrencies. So far, the TRON price has come a very long way from its all-time high of over $0.2. Even with the current value appreciation in place, the TRON price is only at $0.0375. It is anything but spectacular, but consider how the project still has everything to accomplish, it’s still surprising the value is this high at such an early stage.
Over the past week, we have seen the TRON price rise to $0.56 before crashing hard to $0.025. Given the market instability during this period, it is not surprising to see such spectacular losses for a project which has everything to prove at this stage. Even so, some people expect the TRON price will surge to $0.15 again in the near future. While we can only commend such ambitious goals, it remains highly unlikely TRON will see that value in the near future.
Even with this current 34.85% increase locked in place, it is evident the TRON price mainly piggybacks on the rising Bitcoin and Ethereum value. Unlike other currencies, TRON “only” gained 8.99% against Bitcoin and 6% against Ethereum. While those gains are still pretty solid, they are anything but impressive when looking at other cryptocurrencies. Especially for a project valued at over $2.4bn, relying on the Bitcoin and Ethereum price will not work out in the long term.
With $265m in 24-hour trading volume, it is safe to say the demand for TRON is not what it used to be. Some of its “competitors” in terms of market cap are not off any better, yet it does show more and more people realize this project is still in the very early stages of development. Those who bought TRON for half of the current price will look to cash out and take profits very soon. When that happens, the TRON price may face a fair bit of resistance in the coming hours and days.
Binance is still the go-to platform when it comes to all TRON trading activity. Their BTC and ETH pairs combine for over 43.5% of all trades. Coinnest is the third exchange on the list, although KRW trading will not have much of an impact on the Western prices whatsoever. In terms of fresh capital coming on, there’s only Coinnest and Bitfinex’s USD pair, which adds a disappointing $2.191m in the past 24 hours. It will be interesting to see if TRON can break away from both Bitcoin and Ethereum this time around, but so far, that seems unlikely.
While it is good to see all markets in the green, one has to put some question marks next to certain currencies. A TRON price of $0.0375 may be warranted by those living on hopium, but most level-headed investors may consider this project to be way overvalued. Only time will tell if there is room for future profits in terms of the TRON price. It is certainly possible when markets are irrational, but after the recent shakeup, we may see things evolve in a very different direction.