Tron, in a recent turn of events, has surpassed Bitcoin SV [BSV] and now sits comfortably as the ninth largest cryptocurrency with a market cap of $1.78 billion and prices reaching up to $0.026.
The Tron Foundation and all of its members have been working towards the development and adoption of Tron. The prices in the one-day time frame show a steady uptrend with no signs of stopping.
The prices started trading at $0.022 on January 7, 2019, at 16:44 UTC and kept a steady rate of increase until it reached $0.024 within a few hours. The prices consolidate at this point instead of correcting themselves until the next day, i.e., January 8, 2019, 08:09 UTC, after which the Tron’s prices shot up and have reached to a point where the price is at $0.0266 and the market cap is holding a steady $1.7 billion.
The total trade volume for a 24-hour time frame is at $273 million, which is coming from a Singapore based exchange, Bit-Z via the trading pair TRX/BTC. This exchange contributes a whopping ~$70 million via the mentioned pair. Bit-Z also contributes a massive $20 million via TRX/ETH pair.
Following Bit-Z is CZ’s Binance exchange, which contributes a total of $54 million via trading pairs, TRX/USDT, TRX/ETH, and TRX/BTC.
One of the reasons why the community speculates Tron to be pumping hard while other cryptocurrencies are barely coping is due to the addition of Tron as a trading pair with XRP on Bitrue exchange.
Apart from the above, Tron was also reported to introduce a new BitTorrent token which is an integration of Tron and BitTorrent.
BitTorrent token was introduced by the Tron Foundation and the BitTorrent team as an incentive mechanism for the BitTorrent community. Users will be incentivized with BTT for seeding files and resources on the BitTorrent platform.
This news related to Tron made a big splash in the ecosystem and the community speculates it to be one of the reasons why the prices could be rising astronomically without a stop.