When you think of the cryptoverse the first thing that probably comes to your mind is Bitcoin (BTC), and it’s fair because it was the first of its kind, destined for all the decentralized glory. But Satoshi’s gift to the world wasn’t perfect and as the cryptoverse grew, Bitcoin’s place at the top of the crypto market started getting challenged. And now, arguably the most popular currency is sinking as its rivals surge.
You might be thinking that it’s Ethereum (ETH) that we are referring to but it’s actually Ethereum’s rival TRON that is surging, as Bitcoin sinks lower and lower.
TRON is decentralized platform, which is looking to challenge Ethereum. What makes TRON particularly stand out right now, is the fact that it has leaped higher over the last 24 hours. It ended up adding 10 per cent and shooting the worth of the top 10 cryptocurrency to more than $2 billion. And this is happening for the first time since August.
According to CoinMarketCap, as of now, the price of TRON has surpassed both Litecoin and Stellar and it now sits comfortably at the seventh spot in the rankings of world’s biggest cryptocurrencies by market capitalization.
In the last month only, TRON managed to outperform Bitcoin, as well as the U.S. Dollar, when its price rocketed over 130%. Its recent price rally has been put down to a rise in the use of TRON blockchain protocol for DApps. However, it has seen a boost with the upcoming BitTorrent token sale, which is schedule to begin tomorrow and last till the 3rd of February. According to reports the token sale will have two sessions, whereby the investors can choose between Tron and the Binance coin to purchase their BitTorrent tokens.
Despite all the controversies surrounding Justin Sun and TRON, it has been earning some praises even from tough competitors like Weiss Ratings.
We might give #TRON a hard time every now and then, but give credit where credit is due: The #TRX/USD pair is the most bullish looking chart of any top 10 project right now. The popularity of this project cannot be denied. #BTC #altcoins #bitcoin #crypto #cryptocurrency
— Weiss Crypto (@WeissCrypto) January 25, 2019
On the other hand, Bitcoin and the wider cryptocurrency market continues to face turmoil, which has left traders and investors alike desperate for any signs of support at an institutional level and regulatory updates.
For further updates, stay tuned to BlockPublisher.
