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Tron [TRX] Weekly report: BitTorrent and DApps rule Justin Sun’s cryptocurrency

Akash Anand

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Tron [TRX] Weekly report: BitTorrent and DApps rule Justin Sun's cryptocurrency
Source: Pixabay

Tron [TRX] and its slew of developments have made a mark on the cryptocurrency market with the ninth-placed cryptocurrency bracing itself against the rampant bear attacks. The Justin Sun led cryptocurrency company recently released the weekly report that encompassed the updates it had made over the past week.

In terms of work completed, Tron stated that the wallet has been optimized for the multi-signature scheme, while the deferred transaction mode was designed for the structure. The Foundation added that there are a couple of projects in the pipeline such as developing anonymous transaction for the wallet as well as designing sidechain infrastructure for the smart contract.

Tron’s latest acquisition BitTorrent also had several updates with the main one being the listing of BTT on 23 separate exchanges. The exchanges included Binance, OKEx, Bittrex International and TRX Market. Tron also holds a total of 198,000,000,000 BTT which accounts for 20 percent of the total. Tron has also stated that they will disclose the lockup address now and disclose the addresses to the unlocked tokens on a monthly basis for community supervision.



The latest ERC20 token burn was also a key point of discussion, with the previous burns accounting for the burn of almost 100 billion tokens. The Tron developer community has also been active in the market with TronGrid being further optimized, while the wallet passed multiple hurdles on application stores.

Tron’s DApp prowess was also made evident when reports showed that Tron and EOS dominate the DApp market more than Ethereum [ETH]. The lowest phase recorded for the dApps on Ethereum was registered in July 2018, when the users per day fell below 8000.





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Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.

Bitcoin

Bitcoin [BTC] surges above $5,500 and breaks major resistance level; collective market rises

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Bitcoin [BTC] surges above $5,500 breaking major resistance level; collective market surges
Source: Pixabay

Bitcoin [BTC] broke out of its sideways trend that saw coins fall after a brilliant start to April. This “break-out” is especially significant since it came days after the coin was trading sluggishly, pulling the market cap below $175 billion.

After breaking the $5,200 level on April 16, the coin held steady, showing no noticeable dips. However, it also began losing the momentum it had gained when it rose by 15 percent on April 2. Many saw the past week as Bitcoin losing steam, opining that a drop to as low as $4,000 would manifest. This pessimism coupled with the delisting dilemma saw the global market decline by 3.31 percent over the past weekend.

Given this backdrop, the present Bitcoin price incline was even more bullish for the collective market. Further, this was not just an effort to shrug off “sideways bears,” but instead, two key levels were broken in order to usher a collective market rise and sustain BTC bullishness.

Source: Trading View

RESISTANCE

The first, as indicated by eToro’s senior market analyst Mati Greenspan, was the resistance level of $5,350. When Bitcoin began to consolidate following the early April high, Greenspan stated that if the BTC price were to punch above the aforementioned level, it “would likely serve as confirmation that we’re pushing higher and will lead to further buying pressure.”

Greenspan stated that the $5,350 level acted as a major support level throughout 2018. Hence, it is incredibly important that Bitcoin surge above it in the next rise to consolidate buying pressure. Another important point to signal the coming of a bullish market was the 200-day moving average which Bitcoin has stayed above since the April 2 rally.

PSYCHOLOGY

The other significant level for the collective market is Bitcoin’s ascendance over $5,500, which it managed courtesy of this rally. Many, including Greenspan, pegged $5,000 as a key psychological level for the coin and hence, the rise above $5,500 less than three weeks after $5,000 was broken will bring back optimism to the BTC market.



Further, as was seen in the April 2 rise, the Bitcoin pump resulted in the king coin increasing its market dominance. At the close of March, Bitcoin was edging closer to losing the majority. However, the rally saw its share increase to 52.4 percent within a day. Following this recent 4.61 percent increase against the US Dollar, the king coin’s dominance increased to 53.2 percent.

Given the elasticity of the collective market to changes in Bitcoin’s price, the market was awash in green as Bitcoin broke the resistance and psychological levels. Amid this bullish charge, some coins stood out for their above-average gains, which included Bitcoin Cash [BCH], Cardano [ADA], EOS [EOS], Litecoin [LTC], and the exchange-ousted Bitcoin SV [BSV].





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