TRON (TRX) Stages Breakout, Takes BTT Along
TRON (TRX) is gaining strength again, as the project has lagged behind other decentralized networks. TRX recovered the $0.08 level, with the potential for additional gains above $0.10. TRX is yet to recover its absolute peak above $0.18, and currently trades at a much lower level in BTC terms.
The past four weeks were dynamic for TRX, as the asset dipped to a low of $0.05 before starting a recovery. Only in the past three days did TRX trading volumes also start doubling overnight, to reach $2.7B. The heightened trading activity may allow for a long-awaited breakout for TRX.
TRX has been the target of significant criticism, but has remained a staple in cryptocurrency space. The project’s co-founder, Justin Sun, remains an influential voice in cryptocurrency adoption. Sun has been credited with boosting the NFT hype by acquiring some of the most expensive NFT collectibles.
DeFi Drives TRON Adoption
The TRON project has always held a long and robust list of distributed apps. The specialty of this network was gaming and gambling apps, as well as early collectibles such as TRON Dogs.
Most of the dApps were targeted to the markets in Asia, and TRX managed to get significant adoption.
Now, the network is catching up with the DeFi trend, locking in more than $9B in value.
The TRON network also gets a boost from carrying more than 31B USDT tokens, or more than half the current supply. The TRON network has actually surpassed the Ethereum version of Tether (USDT). This gives TRON a unique position as one of the major tools to supply liquidity and fast transfers across all cryptocurrency exchanges.
The minting of half the USDT supply on the TRON network allows for faster transfers, the potential for cheaper arbitrage, as well as the usage of USDT for decentralized operations and passive income.
USDT transfers on the TRON network started to pick up in January 2021, leading up to the current levels. On highly active days, up to $2.4M worth of tokens have been transferred. TRON-based USDT remains the leader in trading and transfer activity in the past months.
BitTorrent Token Goes Along for the Ride
BitTorrent Token, the native asset of the BitTorrent streaming service, is growing alongside TRX. BTT, which was airdropped to TRX owners, has gained more than 35% in the past week, and more than 12% in the past day.
BTT reached an absolute peak of one cent in May 2021, only to crash by more than 80%. Now, the asset has managed to double its price since the last sell-off, and has grown by leaps. BTT has a relatively high volume of $1.8B per day, and the sub-penny price is viewed as a sign of higher potential upside.
The BTT token enjoys multiple highly liquid trading pairs on the Binance exchange. This makes the asset uniquely reactive to trading sentiment. The BTT/USDT pair also boasts relatively low slippage and high liquidity.
Is TRX a Good Investment
In the past, the TRX asset was touted as having the potential to climb as high as $0.50 or even $1. However, TRX has drifted sideways, spending years around $0.03 and shedding value against BTC.
In BTC denominated prices, TRX hovers under 2M Satoshi, up from lows of 900,000 Satoshi. The absolute peak for TRX is above 13M Satoshi, when BTC prices were close to $20,000.
Still, TRON is one of the more influential networks. Some skepticism remains about its potential centralization and reliance on 26 Super Delegates. But the relatively low price also gives hopes TRX and BTT may break out during another altcoin season.
Why US Exchanges Shun TRX
The TRX asset is easily available to EU-based buyers through the Kraken exchange, with USD and EUR pairings. TRX is also easily swapped through the Exodus wallet.
However, the asset has one big omission. Coinbase has declined to list TRX, and the asset is not available on Binance.US. So far, the eventual listing of TRX on Coinbase is only speculative. It is possible TRX is viewed with skepticism due to potentially breaking security laws.
A listing for US buyers could boost TRX and its related assets, through new speculative fund inflows. The low exposure of TRX to Western investors may be one of the factors pushing down the price. However, using Binance International means some traders may still access TRX and rely on its relatively easy swap for USDT.
The TRON network also went through a period of negative publicity, after being hijacked by so-called DDOS token minting. Those projects relied on the almost free transactions to create artificial network load and produce new, speculative tokens that went through a boom and bust cycle.
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