Tron [TRX], the ninth largest cryptocurrency in the market, has been the highlight of the cryptocurrency market because of all the announcements pertaining to its development and projects. The coin took the center stage earlier this week when Binance announced that they would be launching BitTorrent token [BTT] crowdsale on their new platform, Binance Launchpad.
Following this, much to investors delight, Justin Sun, the Founder and CEO of Tron Foundation, announced that the TRC10 token would be airdropped to all the members of Tron community. During a livestream on Youtube, the Founder also stated the Tron community has a special tie with the BitTorrent community [BTT].
BitTorrent still stands as one of the biggest acquisitions in the cryptocurrency space, as the benefits of the platform are noted by well-known influencers of the space including Charles Hoskinson, the CEO of IOHK and Satoshi Nakamoto, the creator of Bitcoin.
Soon after the acquisition, the Founder announced that BitTorrent is going to be a part of Project Atlas, an integration of Tron and BitTorrent. The project aims to improve the network’s protocol, increase its speed and lengthen the lifespan of the swarms. Sun stated that more information regarding the project and the airdrop is going to be announced in the upcoming summit, niTron 2019.
Additionally, cryptocurrency exchanges have already started to come forth and announced their support to the Tron BitTorrent [BTT] airdrop. Earlier today, Koinex, India’s largest cryptocurrency exchange, announced that they would be supporting the upcoming airdrop, on their official Twitter handle.
Sir Bitlord, a Twitterati said:
“Today I moved a bigger amount of
$TRX in escrow. This is for my son. The TRX will be released to him in 13 years I believe this way he will basically be economically independent when he starts his adult life Really, everybody should be securing their children’s future this way.”
To this, Justin Sun said:
“Your son will not only receive #TRX but also #BTT with numerous amazing projects happened in 13 years. #TRON $TRX”
Yesterday, OKEx, one of the leading cryptocurrency exchanges in the world, announced the launch of Tron margin trading for the coin. The coin has been paired with Tether [USDT] and Bitcoin [BTC], and users can avail leverage of up to 2x of their available balance or the maximum limit, whichever is lesser. Along with this, WazirX, another cryptocurrency exchange, also announced that they would be supporting the BitTorrent airdrop.
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Fall in Bitcoin’s market dominance may be correlated to the fortunes of the altcoin market
The trends set by virtual assets have always highlighted the cryptocurrency market’s inherent volatility and spontaneity. Prices lack symmetry and rarely exhibit consistent growth as different factors come into play to dictate an asset’s valuation.
At press time, the world’s largest crypto, Bitcoin, had stormed past the $11,000 mark and was consolidating to push for a surge over $12,000. The rest of the altcoin market however, apart from one or two minor hikes here and there, has been relatively quiet after collectively surging in the early part of the year.
At the beginning of 2019, a significant number of crypto-assets performed significantly well in a group, wherein most assets demonstrated a prominent hike in their values with little to minor price corrections.
A majority of tokens doubled their valuation until Bitcoin breached the $6,600 resistance. Subsequently, altcoins failed to keep pace as Bitcoin continued to test more resistance limits in the market.
At present time, Bitcoin enjoyed an unprecedented 62 percent dominance in the cryptocurrency market. As its dominance primes itself to climb over the 63 percent mark, many in the community speculate this could be red flags for the altcoin market.
Major cryptocurrency enthusiasts and analysts have stated that altcoins could significantly capitulate if it so happens. However, past events offer a sliver of hope for the altcoin market.
According to CoinMarketCap, the altcoin market has been significantly affected whenever BTC’s dominance has fallen. During the bull run of 2017, Bitcoin enjoyed a dominance of 65 percent and the global market cap hit a value of $402 billion. However, in January 2018, when BTC dominance plummeted, the global market cap peaked at around $710 billion. The dominance was down by half, whereas the global market cap had almost doubled.
A major reason for the same was money funneling into other altcoins after witnessing a shift in momentum from Bitcoin to the rest of the crypto-market. The present market situation may take a similar path once BTC’s dominance falls, opening the door for other virtual assets to take advantage of the scenario.
However, the present rise of BTC is backed by much more certainty than the bull run of 2017. Hence, a repeat of the January 2018 period may be unlikely, and will happen if and only the market sentiment shifts gears drastically towards altcoins.
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