This morning has seen a minor recovery and there is a lot more green on the boards than red at the moment. It could be a sign that markets are trying to find their ground and neither bulls nor bears can exert enough pressure. In total they are still below $400 billion which indicates a tendency towards the downside. Bitcoin has rallied slightly by 2% up to $8,400 but it is still 10% lower than this time last week. All major altcoins have recovered somewhat, some more than others and today’s champion altcoin is Tron.
TRX is one of those cryptos that regularly gets bashed by social media groups but there is no denying that it outperforms many of its competitors. Coinmarketcap is currently reporting a 9% increase for Tron this morning. Currently trading at $0.072 TRX is up from $0.065 this time yesterday, small increments but still more than any other token in the top 25. Most cryptos are down on the week and Tron is no exception, losing 11% from $0.081 this time last Thursday. Monthly gains however have been impressive with a 75% rise from $0.041 the same time last month. Against Bitcoin TRX is up 6.6% on the day to 856 satoshis from 797 sats this time yesterday. Weekly levels have been steady at around 850 satoshis, the same as last Thursday.
Tron founder Justin Sun virtually lives on Twitter with several posts per day shilling the coin and announcing minor partnerships. There have been more posts about the impending separation from the Ethereum blockchain when Tron becomes independent. Major exchanges such as Binance have already announced support of the new wallets and migration process. There was also a recent post about the updated ranking and details of TRONSR, (super representatives) for the new network nodes;
#TRX $TRX The updated ranking of #TRONSR on May 15th made by #TRONICS . The ranking doesn’t represent #TRON ’s official opinions. We welcome more institutions to run for super representative and do ranking evaluations on https://t.co/CKoF71Wiat https://t.co/0yG3jHO9Q7
— Justin Sun (@justinsuntron) May 16, 2018
Most TRX has been traded in South Korea in the past 24 hours where traders can buy and sell in their own currency. Upbit and Bithumb lead the way with a joint 40% of the total in KRW. Tron trade volume has increased from $350 million to $456 million in the past 24 hours. It is currently at tenth spot, above Neo which has taken a beating this week.
Total crypto market capitalization has climbed 2% on the day to $385 billion. Other altcoins performing well during the morning’s Asian trading session include EOS, Zcash, and Zilliqa. BAT has also jumped 17% down at 50th place.
More on Tron can be found here: https://tron.network/
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and possible fundamentals.