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Tron [TRX] surpasses Bitcoin [BTC] transactions in 319 days of its release

Namrata Shukla

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Tron [TRX] surpasses Bitcoin [BTC] transactions over 319 days of its release
Source: Pixabay

The cryptocurrency market has been going through a rough patch recently, but that hasn’t restricted the performance of some of the top altcoins. Tron [TRX], the eleventh largest coin on the CoinMarketCap list was surpassing some other major altcoins in terms of its performance over the week.

Tron [TRX] community received yet another morale boost after Tron transactions crossed Bitcoin’s transaction count recently. Twitter user @MrGordon_UK informed the community that Tron, over 319 days since its release, registered 411,805,938 transactions. The Twitter user compared the growth of the eleventh largest token to the largest cryptocurrency in the world, Bitcoin [BTC]. The user claimed that BTC had reported only a total of ‘411,787,309* transactions’.

Tronscan confirmed the news as they tweeted that Tron was:

“1. Performing better than BTC in terms of decentralization
2. TRON speed much faster than #BTC”

Tron has been achieving great heights recently in terms of adoption and development as it crossed a milestone with its online nodes. A prominent proponent of the Tron ecosystem, Misha Lederman, informed the community that:

“#TRON’s node count is increasing to its highest levels in many months:
1357 nodes online. Given that only a few days ago the TRON node count was around 1,100, this uptick is notable & provides the #TRX blockchain increased stability & growing global reach”

Tron also reached a block height of 9 million, which added to its positive performance in the market. However, the coin was still  in the 11th position and had not seen significant growth for a while now. At press time, it was valued at $0.0234 with a market cap of $1.56 billion. The 24-hour trading volume of the coin was reported to be $735 million as it fell by 1.94% over the past day. Over the past seven days, TRX fell by 2.90% and continued to plunge by 0.27% in an hour.





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Bitcoin

Bitcoin’s on-chain/off-chain valuation indicators the key point of focus as coin heads to $13,000

Akash Anand

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Bitcoin's on-chain/off-chain valuation indicators they key point of focus as crypto heads towards $13,000
Source: Pixabay

With the rise in Bitcoin’s price, the rest of the cryptocurrency market has followed suit by displaying a green trend across the board. In a recent series of tweets by popular cryptocurrency analyst Adam Tache, users were informed about the top Bitcoin on-chain and off-chain valuation indicators, derived from on-chain valuation models.

The analysis touched on the Mayer Multiple created by dividing the price by the all-important – 200 day moving average. The current average Mayer Multiple stands at a figure of 1.39, which may climb higher. Looking at previous figures, the normal Mayer Multiple figures stated that if the value shoots up to 2.4, then Bitcoin eventually retraces back to a comfortable 1.5. The Mayer Multiple is usually considered as the original indicator used to clock the valuation of Bitcoin.

Another major indicator discussed in the thread was the NVT Ratio invented by Willy Woo, Partner at Adaptive Fund. The indicator is used to calculate Bitcoin’s prominence or value in the cryptocurrency space by evaluating the amount transacted on the blockchain as a “proxy for investment flow and bear and bull market cycles.”

At the moment, the NVT ratio for Bitcoin is in an abnormal region compared to the start of previous bullish patterns. The NVT ratio was above the “bear market” separator, which meant that the cryptocurrency was overbought. When Bitcoin is overbought, it usually means that the buying pressure is much higher than the selling pressure. Adam Tache opined,

“NVT signaling overbought is likely due to a number of factors — namely the proliferation of exchange-based, purely off-chain txs driving short-term price action.”

The analysis also pointed out the liveliness of the Bitcoin indicator created by Tamas Blummer. The indicator showed the inverse count of lost or ‘HODLed’ Bitcoin, while stating that when the ratio increases, long-terms holders of the cryptocurrency decrease their positions. The indicator conveyed accumulation of Bitcoin when the ratio decreased.





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