Altcoins
Tron Foundation announces integration with Loom Network
Tron has been in the news lately, especially after CEO Justin Sun won a charity lunch with legendary investor, Warren Buffett. It’s in the news again after an its integration with the Loom Network was announced. Tron, which is highly regarded as a leader in the world of DApps, will now be more empowered to efficiently utilize the power of networks and expand its operations.
The integration will rely on each other’s technology, as Loom has offered its blockchain network to Tron, in exchange for Tron’s DApps. Tron’s previous work on solidity smart contracts and similarities between the two made it easier for PlasmaChain developers to integrate them. Solidity smart contracts consist of a library of smart contracts, with TronBox layout.
Now, Plasma will be able to reach out to a wider user base after initiating the aforementioned integration.
Loom Network is now integrated with @Tronfoundation 🎉
Read all about it: https://t.co/Gsel9MeWHD
— Loom Network (@loomnetwork) June 6, 2019
Tron’s official statement said,
“Today we’re proud to announce that the TRON integration is officially live - making this the second chain we’ve integrated into PlasmaChain after Ethereum.”
This diffusion will help Tron users utilize DApps based on PlasmaChain. This will also help Tron in terms of value and acceptability.
A few months ago, BitTorrent had integrated with Tron. Supporters of the Foundation were pumped after reports surfaced that users will be able to host or receive storage over personal computers around the globe by 2020.
This integration could be a step towards Justin Sun realizing his mission of both TRX and BTT tokens taking the cryptoverse by storm.
The cryptocurrency market has been enjoying an unprecedented bull run over the past few months, a trend that reached its apex when Bitcoin briefly touched the $13,000 mark on Binance. However, on June 27, the market witnessed a trend reversal, with the bears returning to the world of digital assets.
Apart from Bitcoin’s price dropping by over 5% in an hour, popular altcoins like Ethereum, XRP and EOS also suffered a hit in value, with the bears ravaging all coins in the top ten cryptocurrencies club.
At the time of writing, Ethereum had fallen from $331.39 to $321.52 within an hour. This whopping 9.87 percent drop contributed to its market cap settling at $34.35 billion. The second largest cryptocurrency held a 24-hour trading volume of $106.66 million, a decent amount when compared to its figures during the bear market.
Source: TradingView
A majority of the volume was held by DOBI Exchange, a popular cryptocurrency exchange which controlled $636.38 million of all ETH trade. DOBI was followed by Huobi Global, with a 3.3 percent hold on all Ethereum transaction volumes.
The next altcoin to be affected by the sudden bear market was XRP, which fell by 6.67 percent in the hourly cycle. At press time, XRP was trading at $0.42, a far cry from the $0.47 it was trading at 24 hours ago. The cryptocurrency had a market cap of $18.22 billion and a 24-hour trading volume of $3.27 billion. BW.com, a relatively unknown cryptocurrency platform, controlled a majority of XRP trade with $232.13 million in ETH trading volume.
Source: TradingView
EOS was the third most affected by the bears’ attack, as the cryptocurrency fell by 3.41 percent in 50 minutes. EOS was trading at $6.446, with a market cap of $5.97 billion. The $5.29 billion trading volume was majorly split between LBank and Huobi Global, both of which recorded 9.48 percent and 5.75 percent in EOS trading volume, respectively.
Source: TradingView
The sudden market crash was speculated to be a major correction of prices after a sustained period of bullish rise by the coins. This fall coincided with predictions made by popular analysts and traders who had previously claimed that Bitcoin and the rest of the market will go through more bear runs, before they reach their all-time highs.
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