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Tron [TRX] becomes ninth-largest cryptocurrency after overtaking Bitcoin SV [BSV]

Namrata Shukla

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Tron [TRX] becomes the ninth largest coin as it overtakes Bitcoin SV [BSV]
Source: Pixabay

The cryptocurrency market has been reporting several position swaps recently, and at the time of press, Tron [TRX], that was the tenth-largest coin on the CoinMarketCap list, has been promoted to the ninth position. The coin overtook Bitcoin SV [BSV] and is still reporting gradual growth.

Source: CoinMarketCap

Source: CoinMarketCap

At the time of press, TRX was valued at $0.0233, with a market cap of $1.557 billion, while BSV, the coin it overtook, was valued at $88.41, with a market cap of $1.551 billion.

Tron registered a 24-hour trade volume of $133 million with a growth of 2.01% over the past day. The coin has registered an overall growth of 20.24% over the past week and is still growing by 0.75%.

TRX was largely traded on Bit-z. It registered a trading volume of $24 million on the TRX/BTC pair. The exchange was followed by Binance on the second position, which recorded a trading volume of $16 million on the TRX/USDT pair. Huobi took the third position with a trading volume of $11 million on the TRX/USDT pair.

Source: CoinMarketCap

Source: CoinMarketCap

BSV reported a 24-hour trade volume of $57 million with a growth of 0.17% over 24 hours. The coin registered a minimal growth of 1.98% over the past week and instead of a massive slip, is seen to be recovering by 0.01%.

The coin registered a maximum trading volume of $7 million on Binance on the BCHSV/USDT pair. Binance was followed by Bitmart on the second and third position with a trading volume of $6 and $5 million respectively on the BSV/BTC and BSV/USDT pairs.



Justin Sun, the founder and Chief Executive Officer [CEO], had already announced about this happening in the day on Twitter and took a dig at Craig Wright, the famous proponent of BSV.

Source: Twitter

Source: Twitter

Tron had been performing well since the past few weeks and has emerged as a winner in the bleeding market many a time. The slip of BSV to the ninth position is an added benefit for Tron and since then, this swap was highly anticipated.

Source: CoinMarketCap

Source: CoinMarketCap





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Bitcoin

Bitcoin [BTC] surges above $5,500 and breaks major resistance level; collective market rises

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Bitcoin [BTC] surges above $5,500 breaking major resistance level; collective market surges
Source: Pixabay

Bitcoin [BTC] broke out of its sideways trend that saw coins fall after a brilliant start to April. This “break-out” is especially significant since it came days after the coin was trading sluggishly, pulling the market cap below $175 billion.

After breaking the $5,200 level on April 16, the coin held steady, showing no noticeable dips. However, it also began losing the momentum it had gained when it rose by 15 percent on April 2. Many saw the past week as Bitcoin losing steam, opining that a drop to as low as $4,000 would manifest. This pessimism coupled with the delisting dilemma saw the global market decline by 3.31 percent over the past weekend.

Given this backdrop, the present Bitcoin price incline was even more bullish for the collective market. Further, this was not just an effort to shrug off “sideways bears,” but instead, two key levels were broken in order to usher a collective market rise and sustain BTC bullishness.

Source: Trading View

RESISTANCE

The first, as indicated by eToro’s senior market analyst Mati Greenspan, was the resistance level of $5,350. When Bitcoin began to consolidate following the early April high, Greenspan stated that if the BTC price were to punch above the aforementioned level, it “would likely serve as confirmation that we’re pushing higher and will lead to further buying pressure.”

Greenspan stated that the $5,350 level acted as a major support level throughout 2018. Hence, it is incredibly important that Bitcoin surge above it in the next rise to consolidate buying pressure. Another important point to signal the coming of a bullish market was the 200-day moving average which Bitcoin has stayed above since the April 2 rally.

PSYCHOLOGY

The other significant level for the collective market is Bitcoin’s ascendance over $5,500, which it managed courtesy of this rally. Many, including Greenspan, pegged $5,000 as a key psychological level for the coin and hence, the rise above $5,500 less than three weeks after $5,000 was broken will bring back optimism to the BTC market.



Further, as was seen in the April 2 rise, the Bitcoin pump resulted in the king coin increasing its market dominance. At the close of March, Bitcoin was edging closer to losing the majority. However, the rally saw its share increase to 52.4 percent within a day. Following this recent 4.61 percent increase against the US Dollar, the king coin’s dominance increased to 53.2 percent.

Given the elasticity of the collective market to changes in Bitcoin’s price, the market was awash in green as Bitcoin broke the resistance and psychological levels. Amid this bullish charge, some coins stood out for their above-average gains, which included Bitcoin Cash [BCH], Cardano [ADA], EOS [EOS], Litecoin [LTC], and the exchange-ousted Bitcoin SV [BSV].





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