There is probably no way anybody in the crypto-world will miss the Main net launch scheduled on May 31st with all the hype and publicity being created by Justin Sun and his team. The Countdown has yet again begun and Justin Sun, the Founder tweeted earlier today:
“Countdown to May 31st. Tron main net will be launched in 50 days, 1,200 hours, 72,000, 4,328,800 seconds.”
John Smith, a blogger, and trader commented:
“Stop with your Stupid Countdowns. Every Time you make something like that we all disappointed and the Price is drop down.
Smith Blake tweeted:
“Stop with your stupid FUD. That’s what hurts TRX on twitter and Telegram! Why can’t people that invest in a coin/token grasp that concept! Like others are saying, blame the (bearish)market and weak hands until it’s fully recovered!”
As the earlier news stated, the main net launch will eliminate the ERC20 network reliability. This had raised serious questions about why Justin tried to drag Ethereum down stating “serious challenge” in his earlier tweet, resulting in the Twitter Brawl between Sun and Vitalik Buterin, Ethereum’s Co-Founder.
Tron [TRX] is currently trading at $0.03 without any major fall or gain, but the overall volume within the last 7 days has increased by 12% roughly. TRX is still placed at the 12th position with a market cap of $2.4 billion.
Brandon Cooper suggested in his tweet:
“You beat Facebook, u must bring profile over to Tron or market to a new generation. People have for 10 years invested in Facebook… and now, Instagram will be the real challenge to beat.”
Here are some things to look up for in the Main Net Launch:
- Tron Gaming Integration: With the reliability of TRX in place, the TRON’s network is capable of scaling to meet the requirements of something like a gaming platform. Justin Sun and the TRON Foundation have successfully established a strong partnership with game.com’s Xu Le, a CEO committed to growing cryptocurrency and blockchain implementation in the gaming industry.
- An outlet for Crypto Social Media: Tron plans to take over Facebook, Instagram, and other social media platforms.
Ginger Thomson, a market enthusiast commented:
“Let’s see some of that Rockefeller and Soros action in TRX. Post-tax returns fingers crossed the market cap pick up.”
Sinchan, a Tron enthusiast stated:
“On May 31st Tron price will be $1, Lol. I really Like what Tron is all about. I am really excited about their future. The one thing I am not too sure about is all those coins. Honesty. Who else has an opinion on this.”
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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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