The cryptocurrency market is seen to be recovering from yesterday’s bear attack. However, one coin that hasn’t stopped growing is Tron [TRX]., followed by Litecoin [LTC] which faced some resistance, but has managed to grow despite it.
At the time of press, the coin was valued at $0.0261, with a market cap of $1.7 billion. The 24-hour trade volume of the coin was registered to be $311 million with a growth by 9.80% over the past 24 hours. The coin recorded an overall growth of 34.49% over the past week, with a slight decline of 0.32% over the past hour.
The coin was highly traded on Bit-z exchange, recording a volume of $59 million with the TRX/BTC pair. Bit-z was followed by Binance, which recorded $36 million in trading volume with the TRX/BTC and the TRX/USDT pairs.
As per LTC’s chart, the coin was valued at $39.77, with a market cap of $2 billion. The 24-hour trading volume of the coin was noted to be $665 million, with a growth of 4.15% over the past 24 hours. The coin registered an overall growth of 24.02% over the past week and is steadily growing with 0.59%.
The coin registered a maximum trading volume on Bit-z with the LTC/BTC pair, which recorded a volume of $70 million. The coin recorded the second-highest trade on ZB.COM, which registered a volume of $55 million with the LTC/USDT pair. ZB.COM was followed by OKEx, with the LTC/BTC pair and a volume of $48 million.
The coins had been performing well for the past few weeks and have climbed up the ladder. Tron, which was the tenth-largest coin on the CoinMarketCap list, moved to the ninth position, overtaking Bitcoin SV [BSV] in terms of market capitalization.
LTC too has been playing ice & water with Stellar [XLM] and is swapping position every alternate day. At the time of press, XLM reported a market cap of $2.37 billion and is on the seventh position on the top-10 cryptocurrencies list.
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Tron’s Justin Sun claims stablecoins will be key to cryptocurrency development
The Justin Sun-led Tron has been in the news multiple times recently, thanks to its regular updates and noticeable price hikes. The CEO has also played a very active role in promoting the cryptocurrency, as exhibited by his recent AMA on Periscope.
Sun focused on how the initial success with protocol governance in the Tron ecosystem paved the way for future developments in the blockchain. The CEO stated,
“Tron had 27 Super Representatives passing 17 new protocols out of which 10 were voted in and accepted. Tron is also the third blockchain after Ethereum to be associated with the stablecoin Tether.”
Justin Sun further opined that 2019 was the year of the stablecoins and that inked assets will be a key focal point when it comes to future developments. He believes that the stablecoin system is the ecosystem in which centralized finance will be taking off. Sun added,
“We will be collaborating with more parties to boost Tether USDT use cases in the TRX ecosystem.”
The Tron Foundation had launched Tether on the TRX blockchain in April to much fanfare, with Tron tweeting,
“Today #USDT is launched on TRON’s blockchain. $USDT is issued by @Tether_to on the #TRON network based on #TRC20 protocol. There will also be a total reward of 20 million $USDT for 100 days. $USDT will be fast, free and smart! #TRX #BTT”
This program was later postponed due to certain discrepancies that came to light post the Tether-Bitfinex episode. Another topic touched on by the Tron CEO was the much-celebrated BitTorrent, which has come a long way since its acquisition by Tron in 2018. Sun admitted that BitTorrent was ‘integral’ to the overall growth of Tron’s development cycle. BTT recently completed its fifth airdrop on June 11, right after the Tron blockchain had breached the 10 million mark in terms of block height. The BTT airdrop involved the transfer of close to a billion tokens which were sent as a reward to TRX holders.
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