The highlight of today, amidst the general crypto market decline, is the Tron (TRX) Independence Day that has proven to be unshaken by the current general crypto market decline witness this Sunday Morning. Bitcoin (BTC) has reached new lows of $5,800 with some exchanges such as Binance experiencing BTC levels of $5,777.
The token of the day, Tron (TRX), has also been affected by the market crash and is currently trading at $0.040 and down 8.45% in the last 24 hours. Despite the decline, the token has managed to achieve a major victory in the markets by edging out IOTA (MIOTA) from the number 9 spot according to coinmarketcap.com.
Current market capitalization of TRX, USDT and IOTA. Source, Coinmarketcap.com
The difference in market capitalization between TRX and IOTA currently stands at $37 Million. Tether (USDT) being the closest competitor of Tron (TRX), is $20 Million shy of TRX’s market capitalization and at the moment of writing this. With respect to USDT, the stable coin has been the choice of many traders who are opting for the coin during this time period of Bitcoin (BTC) and total crypto market volatility. The routine of many traders, is to cash out to USDT to avoid major loses as BTC and all other assets experience a decrease in value.
Many can argue that TRON found itself in an unfavorable situation as it was launching its Genesis block during a time of market turmoil. But you can also argue that this is the best time for a project to fully launch its MainNet for attention will be diverted to the product that is the platform rather than the performance of the token in the markets. This way, the crypto-verse will learn the capabilities of the platform. DApp developers will in turn flock to the new platform as its features are much better than those of any other platform out there including Ethereum’s.
The act of TRX edging out IOTA might be one that ushers in the path for TRX to once again make it to the top 6 coins according to market capitalization and as predicted by Justin Sun immediately after the TestNet Launch back in March.
Disclaimer: This article is not meant to give financial advice. It is an opinion piece. The opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.