Altcoin
TRON outperforms Ethereum [ETH] and Bitcoin [BTC] in this regard
- TRX’s TVL has been on an uptrend for quite a few weeks.
- Metrics and market indicators aligned with the bulls’ interest.
TRON [TRX] recently posted a chart that revealed a steady increase in its total number of transactions over the last few months. As per the chart, TRX’s number of transactions has been on the rise since September 2022.
This chart from @rfw_arcana shares some stats we love to see. ?
In terms of total monthly transaction counts, this chart makes things clear…#TRON is showing a steady trend in the right direction with overall growth each month. ? #TronStrong? pic.twitter.com/bWmRx2fDpm
— TRON DAO (@trondao) February 18, 2023
Well, TRX outperformed all the other cryptocurrencies in competition and ranked first on the list of projects by transaction count.
Put simply, it managed to outperform ETH, XRP, BTC, and ADA, which was a commendable move. This was an optimistic development as it reflected higher adoption and usage of TRON across the globe.
Of the TOP 5 blockchain networks by number of transactions, #TRON ranks first ahead of #XRP, #Ethereum, #Bitcoin, and #Cardano ? pic.twitter.com/LXmxULpVoe
— TRON Community (@TronixTrx) February 18, 2023
Read TRON’s [TRX] Price Prediction 2023-24
TRX kept up with the market
On the other hand, TRON has also been partnering with other platforms that can help the network increase its offerings. The latest one was the partnership with Princeton Blockchain.
With Tron’s assistance, Princeton will be able to further its goal of introducing blockchain technology to Princeton students.
We are proud to announce that @trondao is our gold-tier donor for the year 2023. Tron's support will further advance our mission of promoting blockchain technology at Princeton. Check out our new website for more information on the partnership: https://t.co/HXxuvBh3GP pic.twitter.com/3xIz6d1nVn
— Princeton Blockchain Club (@pton_blockchain) February 17, 2023
Well, investors would be happy to know that TRX responded well to all these updates.
According to CoinMarketCap, the coin was up by more than 8.5% in the last seven days, and at the time of writing, it was trading at $0.07001 with a market capitalization of over $6.4 billion.
Moreover, TRX’s on-chain performance was also positive, suggesting even brighter days ahead. In fact, the Total Value Locked (TVL) on the network was on a continued uptrend, which looked promising.
Additionally, TRX’s development activity increased over the last seven days. The price uptick was accompanied by an increase in volume, which was a positive signal.
Furthermore, the alt’s demand in the derivatives market was also high, as its Binance funding rate was in the upper circuit.
LunarCrush’s data further revealed that TRX also managed to remain popular in the market as its social mentions increased by 26%.
Source: Santiment
How much are 1,10,100 TRXs worth today?
The bulls are leading the way
Like the metrics, a look at TRX’s daily chart suggested the possibility of a continued uptrend, as most of the indicators were supporting the bulls.
For instance, the MACD displayed a bullish crossover. TRX’s Chaikin Money Flow (CMF) registered an uptick and was headed further above the neutral mark, which was again a bullish indicator.
As per the Bollinger Bands, TRX’s price was entering a high volatility zone, increasing the chances of a price surge in the coming days. However, TRX’s Money Flow Index (MFI) went down slightly.
Source: TradingView
