In the world of cryptocurrency, everything seems to stand or fall with Bitcoin these days. If the world’s leading cryptocurrency shows bullish momentum, all other markets will too. The Tron price is currently one of those markets trying to turn bullish. Following the recent announcement of USDT tokens coming to Tron, that is not entirely surprising either.
Tron Price is Making its Move
When everything comes up positive in the cryptocurrency industry, it is only normal something happens to the prices of individual projects. After a very rough start to the week yesterday, it would appear as if things are slowly returning to normal all of a sudden. The Tron market is an interesting example in this regard, as it too is gaining a lot of value in very quick succession. This has many different reasons and is not just a direct result of Bitcoin moving up.
To put everything in perspective, the Tron price has risen by 6.7% in the past 24 hours. This brings the value per TRX back to $00022886, which is not all that bad. There is also a 5.92% gain on Bitcoin, which is rather telling under these circumstances. Altcoins need to gain on Bitcoin if they want to start positioning themselves for a bull run again. So far, it seems that is exactly what is happening, as similar momentum can be noted across the different altcoins right now.
The big news this week is how Tron will be getting its own version of USDT tokens. Tether has confirmed they will issue TRC-20 versions of the USDT asset on the Tron blockchain. Although no official launch date has been announced at this time, it is a development which has many people excited right now. It is still too early to say whether or not this will effectively lead to any major developments in the Tron ecosystem.
Secondly, it would appear a relatively new service has been added tot he Tron network. Known as Trongram, it will seemingly let users spread messages to the entire community. While such a service can certainly be a worthwhile addition, one has to wonder if many people are interested in spending TRX for such a purpose. Even so, any addition is a promising development.
For those traders who are only looking at the current Tron chart, it would appear there may be a fair bit of resistance on the horizon. Although the overall uptrend is seemingly locked in place, there is always a chance things will turn around when people least expect it. In the case of Tron, it will all depend on how the TRX/BTC ratio evolves in the coming hours. A collapse in that department can easily send the USD value in a negative spiral.
— cryptoJunky (@cryptoJunky6b) March 5, 2019
With all of the top crypto markets turning bullish once again, a very interesting situation has been created. Although most people expect some form of upward momentum to materialize this week, one never knows for certain until it actually happens. Now is not the time to get ahead of oneself either, as there is still a long way to go before an uptrend is officially locked in place.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.