The cryptocurrency market is going through significant changes every second, with the performance of most coins fluctuating consistently. Tron [TRX], the eleventh largest crypto on CoinMarketCap, failed to report significant growth in the market. However, the Tron ecosystem’s updates and developments have kept pace. The weekly report released by the Tron Foundation made note of these developmental changes taking place in Tron.
The report said that the foundation had tested the block broadcast optimization solution, and the optimization solution for energy deduction in transaction failure. However, the Foundation was still working on the on-chain rate of transactions, which were broadcasted by GPRC. The team said that they were also working on the Sun Network, for which tests were underway.
The report highlighted that developers implemented new APIs in the wallet, along with the addition of ledger side changes for backend downtime. As for uTorrent and BitTorrent clients, the devs community has come up with a prototype TronTV to test. The report made note of the launch of the new APIs.
BitTorrent saw the completion of its fourth airdrop at a block height of 9,123,823. The Foundation carried out a campaign to spread awareness about the utility of BTT tokens, alongside it being used for in-speed applications to enable faster download of files.
Even though the market was not performing as well as expected, Tron’s adoption has not been a problem. The report noted that Bitkeep wallet listed Tron and supporting the token. Tron’s value in the market was at $0.0281, with a market cap of $1.87 billion. The 24-hour trading volume of the coin was $677 million, dipping by 3.14% over the past day. Over the past seven days, the token spiked by 13.56%. However, it slipped by 0.77% in an hour.
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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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