The expected bearish pressure is hitting all cryptocurrency markets once again. Bitcoin is on the verge of dropping below $6,100 again, and all other currencies are taking a similar approach. It would appear the TRON price has taken a major beating again, even though it seems the worst may be yet to come.
TRON Price is Fighting for Stability
It has become more than apparent 2018 will not be the year of cryptocurrency except for the wrong reasons. As of right now, the industry looks ill and is bleeding value all over the floor. Fighting this trend is proving to be extremely difficult, as there nothing happening to warrant even the slightest of increases right now. More importantly, any small increase is pushed down immediately, which doesn’t bode well.
For the TRON price, the year 2018 has been a mixed bag as well. The initial hype in early 2018 has calmed down and the value has fallen like a brick in the process. Right now, the TRON price is below $0.04 again, and it remains to be seen where the actual bottom lies for this altcoin.
Similar to other altcoins, TRON is also losing value compared to both Bitcoin and Ethereum. As one would expect, the loss against Bitcoin is quite steep, as a 5.6% setback has occurred over the past 24 hours. In case of Ethereum, the TRX/ETH ratio has declined by just 1.81%. An interesting situation to keep an eye on, although it remains to be seen how things will evolve.
It has become apparent the TRON trading volume is on the decline as well This is not exactly surprising, as the overall trading volume has dropped by another $5bn in the past two days. For TRON, just $88.226m in 24-hour volume is not exactly impressive, but it seems enthusiasts will have to tough it out regardless.
The way things stand right now, Upbit is the dominant exchange when it comes to TRX trading. OKEx is well behind the curve, although BIthumb is eyeing that second place as of right now. Binance has two pairs in the top five as well, as its BTC and USDT pairs bring in a decent amount of volume as well.
How things will evolve for the TRON price, remains to be determined. The way things look right now is anything but positive, although this is not necessarily set in stone either. Depending on how fast Bitcoin can recover, the TRON price may effectively recover alongside with it. Unfortunately, it appears the worst ha yet to come later this week.