The last few days has seen Tron in the news, for all the right reasons. Yesterday, after the markets again seem to slow down, there were fears that the small gains of this week will be wiped out again. However, these were found to be unsubstantiated reservations as most top coins remained relatively stable. Indeed, some were able to grow. One of the top gainers was TRX, with a growth of over 7%.
Tron, a well-known altcoin, again surged ahead of Monero [XMR], the promising privacy crypto. Now perched on the 11th spot, Tron has once again crossed the $1 billion market cap threshold, trading at slightly over $.015, at the time of writing.
It did so with a steep climb when its trading volume of nearly $90 million was boosted by a late surge of over 6% in just a couple of hours. Interestingly, the upward trend was not due to a single market, as trading for the coin came pouring in from BitForex,Binance, Upbit, OKEx, and Huobi.
As mentioned, Tron was not the only one to gain from the late rally. Most of the top coins, such as Bitcoin [BTC], Ethereum [ETH], Litecoin [LTC] and Stellar [XLM], also saw about the same climb, hovering around an average 5 percent increase.Tron was considered the biggest gainer as this saw it surpass the billion-dollar barrier, an important physiological win.
Recent comments from sources within Tron have certainly helped fuel this positivity around the coin. Their CEO and the founder of Tron Foundation, Justin Sun, had recently outlined the companies future plans by saying that he was looking at TRON as a protocol more than anything else. Furthermore, talking about the future prospects and tie-ins he noted that
“BitTorrent is popular in 138 countries. So its very important that we find a solution like a payment channel that all the country it’s the same. Right now, the banking system and all this payment channel is fragile.”
With a strong focus on integrating BitTorrent back in the market and looking to enhance its presence with its Atlas project, the company seems to have made the right strategic decisions.
These two pieces of good news have undoubtedly buoyed the market. Further updates from Tron state that these projects will be finalized by the beginning of 2019. On top of that, Tron Arcade, a $100 million kitty, has also been announced with the aim of attracting game developers to this platform. Justin commented that this is to incentivize and support developers and projects for the coming years. At the moment the protocol seems to be particularly popular with the gambling sector; the Foundation hopes this will spur on the larger gaming industry and get them to build on Tron.
The founder of Tron has been known for being rather blunt in his ambitions; repeatedly telling the market that he aims at positioning Tron to surpass Ethereum [ETH], the third biggest cryptocurrency by market cap, as the largest smart contract platform. The Foundation is also looking for ways to garner more interest and tie-ins with other industries. It has identified possible future inroads into social media, charity, entertainment and enterprise solutions.
With a prolonged bear run, the survival of most coins hinges on adapting and innovating, rather than reacting. Tron seems to have read that sentiment correctly and has been making bold moves. At the moment, one can cautiously note that those moves seem to be paying off. Whether it can stave off another drop and continue this march will need to be seen.