Out of all red, TRON (TRX) is the only coin with a green signal today. The eleventh largest cryptocurrency managed to surge to almost 3 percent within the past 24 hours despite the deadly market sentiments of lost Bitcoin which has affected the prices of major cryptocurrencies.
TRX Records Higher
At the time of writing, TRON stands on its eleventh spot, racing to snatch #10th position which is presently handled by Cardano (ADA). TRX has surged by 2.90 over the past 24 hours and counts the average trading volume $1,653,621,083. Nevertheless, the coin is placed at 11th spot and is trading at $0.024 against USD which is not the deserving place Justin Sun thinks it to be.
Image source – coinmarketcap.com
TRX once spotted at 8th spot – it is now the outer zone of top 10 currencies. This might led the founder and CEO, Justin Sun to challenge the competitors and set the target of upbringing both, TRX, and BTT to the deserving spot by 2nd Quarter this year. To note, Coingape reported the announcement of Justin Sun which sounds as the bet to bring TRX at Top 10 by June this year whereas BTT to bring under Top 30 during the same time.
Having said that, TRX’s major trading volume in the past 24 hours can be seen at CoinTiger, Fatbtc, BW.com, CoinTiger, OKEx, Huobi Global, HitBTC, DigiFinex and more. Nevertheless, it is highly paired with USDT among its top trading exchanges.
Meantime, Tron Foundation sees quite impressive updates from the community leader – consequently, on May 08, 2019, Tron foundation confirmed its collaboration with crypto lending platform Cred. TRON together with Cred enable TRX holders with the crypto lending facility and let them earn up to 10% annual interest. The announcement reads as follows;
Cred, with over $300 million in lending capital, will also offer crypto-backed loans to the TRON community to support the growth and development of the TRON ecosystem, noted Tron foundation. To celebrate, Cred is now offering TRX holders with $25,000 or more up to 10% annual return at mycred.io/tron.
What led TRX earned the gains isn’t certain but the market crash is closely connected with the hack of 7000 BTC from Binance exchange. Bitcoin was picking its new high and struggling to reach $6k figure – but the sided figure of $5880 with negative change has certainly affected the other altcoins.
Do you think that 7000 BTC loss from Binance exchange affected its price and those of other cryptocurrencies.? What’s your take on TRX surging while others dipping lower.? Let us know in the comment below
Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com