Recently, Justin Sun, the CEO and Founder of the Tron Foundation, posted a blog on Twitter regarding the recent dApp developer meet up.
The keynote speakers of the meetup were Li Xiadong, Head of Tron dApp, Minako Kojima, the CEO of Xiannvzuo Technology Company, Wu Xiao, a Computer Science graduate from the University of Alberta, and Chen Hao, Head of China of BitGuild.
During the meetup, the Head of Tron DApp, Li Xiadong spoke about the recent projects and accomplishments of Tron Foundation. While speaking about BitTorrent, the biggest decentralized open-source ecosystem, the Foundation stated on their blog:
“BitTorrent is the Jerusalem, the sacred place for the dencentralized Internet Spirit. It is seen as the birthplace for decentralized technologies by global developers, entreprenuers, and decentralized Internet community; it is also a pioneer of Internet protocols that seek to be open, transparent, and decentralized.”
The Foundation confirmed acquired BitTorrent in the month of July 2018 and it was reportedly acquired for over $140 million. This is considered to be one of the biggest acquisitions in the cryptocurrency space. BitTorrent is currently a part of the Foundation’s Project Atas. The project is set to make the Torrent platform faster along with increasing the lifespan of the swarms.
The Foundation has further stated that they will be helping developers to build better products and pave path for more traffic. The Foundation also aims to enable the developers to earn more money in the future. In the meantime, the Foundation’s ‘All In Decentralization’ will be executed.
During the meetup, the Head of the Tron dApp ecosystem claimed that Tron will work towards supporting developers worldwide. They are planning on achieving this with by using their tools including Tron Virtual Machine [TVM], Tron Box, Tron Studio, Tron Web and Tron Infura. He continued to say:
“Additionally, Tron will support developers with mechanisms such as continuous strategic patience, equity investment, ecosystem inclubation, product diversion, 1-1 special cooperation, currency investment, and competition incentives, etc.”
Moreover, Tron [TRX] has seen a significant growth in terms of price in the cryptocurrency market. According to CoinMarketCap, the coin has surged by more than 12% in the past 24 hours. At press time, the coin was trading at $0.022 with a market cap of $1.49 billion.
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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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