The cryptocurrency market seems to be back on track with a lot of greenish signs. This could be attributed to the investments made by the big financial institutions. Countries are regulating their banks’ involvement with cryptocurrencies and the big shots are of the opinion that these countries like China and India will lose and other countries like Japan and Singapore will gain. Many cryptocurrency related firms like exchanges are flocking towards Japan which is a country that is open to cryptocurrencies. The total coin market capital at 1:51 PM UTC was $270.309 which increased from the amount earlier today.
The sentiment analysis segment is carefully structured after scrutinizing various comments and sentiments gathered from around the world. Each sentiment analysis is made after interviewing a group of investors, miners, journalists, skeptics, and influencers and it includes their valuable comments on the present market trends. This analysis is focused on the cryptocurrency, TRON [TRX], which has moved up to the 12th spot in the rankings from the 13th spot.
At 2:00 PM UTC, TRON was seen to be trading at a price of $0.0370 and a market capital of $2.438 billion. TRON has been moving up and down in the rankings for quite a long time now. It had managed to reach the 10th spot but could not retain it for long. The coin appears to be stable and has been trading above the strong support level of $0.035. The lack of volatility may also be a cause for the coin not breaking out of this price level. The bulls and the bears are apparently not actively engaging with the coin.
Alex Watson, an altcoin miner from Brisbane says:
“This stable trend will continue for TRON and some other developments should be implemented to have a bullish trend to kick in. Currently there is a selling pressure for the coin but there are enough number of good buyers to keep the coin going. My personal advice for you folks is to HODL till major trends arise”
Eric Johnson, a TRON investor from Queenstown says:
“This trend will continue till the second week of June and from there the coin has a bullflag formation which will take it further up. A resistance is formed at $0.043 and if the coin reaches this level, it will surely go up to the $0.095 mark.”
Sam Simmons, an Economics student at University of Chicago says:
“There was a double bottom alert for TRON a few days ago. Even though there was a big dip in the price, the coin did not hit the bottom. This resulted in the stability experienced by the coin at the present moment. A major bullish trend in the short-term cannot be expected but in the long-term, there are signs of a bullish trend.”
To conclude, 66% of TRON respondents are satisfied with the coin’s current trend and are hoping for a bullish breakout. Most of them are of the opinion that the launch of Test Net and other developments by the TRON team are the reasons why the coin attained stability. Another 34% of TRON respondents, however, does not believe in TRON and they say that the coin will lose the stability because of its long-held inability to breakout.
76497|Tron-based USDT: Huobi Global, OKEx and Gate.io announce support for new TRC-20-based Tether
Tron Foundation’s relentless push for mass adoption received a major boost recently when Justin Sun, the Foundation’s Chief Executive Officer, announced their partnership with Tether [USDT] to create new stablecoin. The partnership would essentially bring USDT on the Tron blockchain, making transactions faster and free-of-cost, while also improving the use-cases of the stablecoin.
Three major exchanges have now announced support for the Tron-based version of Tether, further bolstering its position in the market. Singapore-based exchange Huobi Global, Malta-based exchange OKEx, and Gate.io, a blockchain assets exchange platform, announced in separate press releases that they will be supporting the new version of Tether.
The TRX-USDT partnership was announced in early March in an effort to bring in a TRC-20-based USDT into the crypto-market. The ‘improved’ coin would stick to the technical token standards maintained by the Tron blockchain and would be interoperable with all Tron-based DApps and protocols.
In their respective press releases, Huobi Global and OKEx stated that the decision was fueled by strong user demand for inclusion of a full-spectrum of stablecoin trading. The exchanges also made it clear that there would now be three different protocol versions of USDT on their platforms: the Bitcoin network-based USDT-Omni, Ethereum-powered USDT-ERC-20, and the new USDT-Tron.
Though the exchanges are some of the world’s largest in terms of trading volume, Tron Foundation had earlier said that the TRX-USDT version was made primarily for Tron-powered Decentralized Exchanges [DEX].
Recently, Tron Foundation also announced an incentive scheme exclusively for TRX-USDT holders. The $20-million incentive plan included the addition of a 20% initial Annual Percentage Rate [APR] for holding the cryptocurrency, which was significantly higher than its prime competition, the USDT-Omni. The plan also announced a scheme spanning over 100 days where USDT-TRX holders would be rewarded more USDT-TRX.
Tron’s DApp program and BitTorrent Token [BTT] launch also saw huge success this year, leading to a temporary surge in the token’s price before a bearish market ensued. On March 17, TRX registered a transaction volume that was five times more than the cumulative transaction volume of its closest competitors ETH and EOS. The transaction volume during this move was recorded to be over $100 million.
76476|DigiByte [DGB] soars by 9.7% as online movement for Coinbase addition gains momentum
The cryptocurrency market was punctuated by several altcoin surges this week, with Tezos and Ontology leading the charge. The latest entrant to ride the bull wave was DigiByte, the 35th ranked cryptocurrency on CoinMarketCap. It climbed up the charts to become the biggest gainer in the top 50.
At press time, DigiByte [DGB] was trading at $0.015, and was rising by 9.72%. The cryptocurrency held a total market cap of $169.073 million with a 24-hour trade volume of $3.091 million. A majority of the trade volume was split between BiteBTC and Bittrex, two popular cryptocurrency exchanges. BiteBTC recorded DigiByte transactions worth $1.156 million, while Bittrex recorded $315,308 worth of DGB trade.
The 24-hour chart showed the cryptocurrency’s value shooting up, before settling into sideways movement. DGB’s value surged from $0.0126 to $0.0144, in under an hour. It was speculated by many online that the addition of DigiByte on Magnum Wallet, and its latest release, the Magnum Notifier Bot, was what sparked the DigiByte surge. The bot is a free-to-use Telegram bot which notifies the user when the connected wallet participates in any transactions. The bot also gives DGB holders all transaction related information.
DigiByte was also helped by its community starting a new online campaign requesting Coinbase CEO Brian Armstrong to add DGB to its fold. Frederik Bf67, a Twitter user, and a DigiByte fan tweeted:
“Hello Brian, i would love to see @coinbase adding @DigiByteCoin to it’s platform. You know #DGB has been around for a long time and has proven itself over time to be a highly secure and fast blockchain with exellent use cases suported by thousands of people on every continent.”
Another DigiByte fan, Mark Brown replied on the same thread saying,
“Tell that to @barrysilbert , he’s the one to talk to brother 😏
@brian_armstrong and @AsiffHirji can do so much. It’s out of their hands.
I’ve even helped pass along a petition and nothing. I’ve gotten over 10k signatures to have #dgb added to #coinbase and nothing.”
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