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Tron [TRX] has a hi-bye relationship with top 10 cryptocurrencies club

Simran Alphonso

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Tron [TRX] has a Hi-bye relationship with club of the top 10 club Cryptocurrencies
Source: Pixabay

TRX has repeatedly jumped in and out of the top 10 cryptocurrencies club. On 18th July, TRX overtook Tether [USDT] and came to its # 10 position on CoinMarketCap. However, in a few minutes, TRX left the league of top 10 as it came down to its current position #11.

Justin Sun, the Co-Founder of Tron, tweeted:

“#TRX again in the top 10 on @CoinMarketCap .#TRON $TRX.”

Top 10 Cryptocurrencies | Source: CoinMarketCap | Photo Credits: Justin Sun

Top 10 Cryptocurrencies | Source: CoinMarketCap | Image Credits: Justin Sun

CryptoBroker, a Twitter user commented:

“It’s back to 11 this scam can’t even last more than 20 minutes in the top 10 anymore lol”

On 17th July, Justin Sun announced the coin burn of the third batch of tokens, which comprised of 404,956,275.175006 tokens. The token burn was scheduled for 17th July 03:53:52 AM [+UTC].

On 21st June, Justin Sun and Tron foundation announced the coin burn of 1 Billion TRX tokens to celebrate the independence from the Ethereum blockchain.

Additionally, Tron Independence Group [TIG] was entrusted with the 33,251,807,424 TRX, while the original amount is 34,251,807,524 TRX. These were held by TRON foundation, considering the safety of its virtual asset.

After this, Tron released its locked TRX tokens and burnt close to 49 billion TRX ERC20 tokens.

Till date, the total number of TRX tokens burnt is 92,424,664,154.355837 out of 100 billion TRX, i.e. 92.42% of the issued total.

It is speculated that the coin burn that Tron held on 17th July was the reason why TRX tokens pumped and entered the top 10 club again.

JK Andreas D, a crypto-enthusiast said:

“your coinburn techniques dont even last for a day sun.”

Tron's one-day chart | Source: CoinMarketCap

Tron’s one-day chart | Source: CoinMarketCap

As observed TRX started its day on 17th July with the trading price of $0.036 after which the token pumped. The hike made TRX jump to $0.040 and resulted in a sudden increase in its market cap. TRX tokens had a market cap of $2.410 billion, the sudden increase pushed the coin to $2.634 billion.

The token burn was not the only highlight of Tron’s week. Tron has also inaugurated a new branch in San Fransisco.

Justin Sun tweeted:

“Check out the view from the new #TRON San Francisco office! $TRX”

Along with this, the young Co-Founder also added a video that showed the view of their new office.

Robert Almeida, a Twitter user commented:

“Damn…and in a nice part of SF too. Not too far away from Coinbase HQ.”

In addition to this, the team also spoke about the total number of exchanges who have currently resumed trading of the new TRX20 tokens.

Justin Sun tweeted:

“22 exchanges already resumed #TRX deposit and withdrawal as of July 18 (UTC+8). #TRON $TRX”

Binance, Bitfinex, Bitforex, Bitpie, Bittrex, Bit-Z, Bjex, Cobo, CoinEgg, Coinfalcon, Coinnest, Cryptopia, Gate.io, Hitbtc, Huobi, Koinex, Liqui, Max Exchange, OKEx, Quoine, Tokenomy and Upbit have resumed trading of TRX.





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Bitcoin

Fall in Bitcoin’s market dominance may be correlated to the fortunes of the altcoin market

Biraajmaan Tamuly

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Will Bitcoin's Dominance falter for Altcoins to gain traction in the market?
Source: Pixabay

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.

Source: Twitter

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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