The cryptocurrency market has undergone a significant shift in character after the latest bull run that caused the price of the coins as well as their market cap to increase significantly. One beneficiary of this market phenomenon was Tron [TRX], as the cryptocurrency was given a boost in its mission to conquer the DApp world. Justin Sun, the Chief Executive Officer [CEO] of the Tron Foundation recently tweeted:
“According to @dapp_review, #TRON #Dapp 24h volume has reached $11.8 M (355M #TRX) which already surpassed that of #ETH and #EOS. #TRON onward.”
The analysis by DApp review showed that the top 12 DApps on the Tron blockchain generated a user count of more than 42,000 in a 24-hour cycle. Just as earlier reports had shown, gaming DApps dominated the Tron blockchain over the usual suspects like gambling applications. Tronbet generated almost 70 percent of the total $11.8 million 24-hour volume, contributing $8.923 million.
At the same time, Ethereum clocked in approximately 12,000 users on its Dapps, which was just slightly more than a quarter of Tron’s haul. Ethereum DApps also generated a 24-hour volume of around $4.5 million with the biggest contributor being FCK with $1.713 million.
EOS, which had dominated the DApps scene before Tron went full throttle surprisingly had the highest number of users among the three, with more than 120,000 users on the platform. Despite this advantage, EOS DApps only generated a 24-hour volume of $9.4 million, still lesser than that of Tron’s.
Tron added another feather to its cap recently when the Foundation announced its integration with the Loom network. Tron’s official statement said,
“Today we’re proud to announce that the TRON integration is officially live - making this the second chain we’ve integrated into PlasmaChain after Ethereum.”
Tron’s DApp dominance was put on show earlier too when research stated that Tron was the fastest growing commodity when compared to Ethereum or EOS. Tron reportedly added 60,000 users while Ethereum and EOS added 25,000 and 9,000, respectively.
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Top Losers: Ethereum, XRP, and EOS bleed as crypto-market follows Bitcoin’s lead
The cryptocurrency market has been enjoying an unprecedented bull run over the past few months, a trend that reached its apex when Bitcoin briefly touched the $13,000 mark on Binance. However, on June 27, the market witnessed a trend reversal, with the bears returning to the world of digital assets.
Apart from Bitcoin’s price dropping by over 5% in an hour, popular altcoins like Ethereum, XRP and EOS also suffered a hit in value, with the bears ravaging all coins in the top ten cryptocurrencies club.
At the time of writing, Ethereum had fallen from $331.39 to $321.52 within an hour. This whopping 9.87 percent drop contributed to its market cap settling at $34.35 billion. The second largest cryptocurrency held a 24-hour trading volume of $106.66 million, a decent amount when compared to its figures during the bear market.
A majority of the volume was held by DOBI Exchange, a popular cryptocurrency exchange which controlled $636.38 million of all ETH trade. DOBI was followed by Huobi Global, with a 3.3 percent hold on all Ethereum transaction volumes.
The next altcoin to be affected by the sudden bear market was XRP, which fell by 6.67 percent in the hourly cycle. At press time, XRP was trading at $0.42, a far cry from the $0.47 it was trading at 24 hours ago. The cryptocurrency had a market cap of $18.22 billion and a 24-hour trading volume of $3.27 billion. BW.com, a relatively unknown cryptocurrency platform, controlled a majority of XRP trade with $232.13 million in ETH trading volume.
EOS was the third most affected by the bears’ attack, as the cryptocurrency fell by 3.41 percent in 50 minutes. EOS was trading at $6.446, with a market cap of $5.97 billion. The $5.29 billion trading volume was majorly split between LBank and Huobi Global, both of which recorded 9.48 percent and 5.75 percent in EOS trading volume, respectively.
The sudden market crash was speculated to be a major correction of prices after a sustained period of bullish rise by the coins. This fall coincided with predictions made by popular analysts and traders who had previously claimed that Bitcoin and the rest of the market will go through more bear runs, before they reach their all-time highs.
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