Tron (TRX) is fighting to pull itself up from the price deprecation it encountered for some time as it trails other cryptocurrencies. Currently, the market is performing dismally swimming in the red sea (again) as virtual currencies recording trading lows that can only be compared to the lows of October and September 2017.
The cryptocurrency selloff that began in the first days of August has gone viral and looks unstoppable. Going by last weekends trading, the market showed signs of recovery with the consolidation of the losses that had been encountered. However, virtual assets took yet another fall this week and the better part of trading on Tuesday 14.
For instance, Ripple (XRP) declined 3.77 percent to trade at 0.26 US dollars early this week with Ethereum (ETH) prices falling below the 300 US dollar mark to find a new support level at 250 US dollars.
Bitcoin Cash was also not spared, as it fell to exchange below the 500 US dollar mark to exchange at 497 US dollars. Bitcoin Cash now embraces a new support level of 480 US dollars. This negative market trend reflects on a majority of virtual coins and altcoins in the crypto ecosystem.
However, for the prices of any virtual currency to skyrocket, it needs to increase its circulation in the market and Tron (TRX) has been doing a great job in putting itself out there increasing its chances of real-life usage. And following the current trends Tron (TRX) has been showing, it is safe to say that the digital coin is going to experience a significant price surge shortly.
But what are some of the factors that might lead to Tron’s upwards movement, you might ask. The following are some of the reasons we think might positively impact the virtual currency in the coming few days, weeks, and months.
The Acquisition of BitTorrent
Early this month, the crypto community woke up to the news that Tron (TRX) had successfully obtained BitTorrent plus the positive launch of its mainnet platform aiding in increasing the coins transaction volumes. The move according to many shows Tron’s positive maturity although recent price movements are yet to reflect this good news.
BitTorrent continues to offer high-quality peer-to-peer services to over 100 million customers all over the world as the acquisition of the company was aligned with Tron’s mission of decentralizing the internet.
The challenge remains that BitTorrent mostly deals with pirated contents and its users are used to using BitTorrent’s services for free. How Tron intends to profit from this remains unclear. But one thing is certain, if Tron manages to take advantage of 100 million users of BitTorrent, its price might hit the tallest mountain in our world if not the moon.
Tron’s Acquisition of BlockChain.org
Following the purchase of BitTorrent, Tron (TRX) went ahead to acquire, Blockchain.org, a top-level domain name that many consider as one of the significant acquisitions ever made in the blockchain industry.
And the plans Tron intends to do with the domain name is to make it a decentralized Google for the crypto community members and the entire blockchain industry as the default search engines usually lack complete information about the industry.
Tron will not benefit from this venture in any direct monetary way as the project is categorized as a non-profit venture, but it will surely have some indirect positive influence in its prices as it will assist in increasing consumer confidence in Tron (TRX) as a blockchain and a currency.
Consequently, the above two are just a couple of reasons among many to believe we could witness a huge Tron (TRX) price surge in the near future. Of course, for that to happen, the market needs to have a nice rally, as well as Tron, needs to make use of its user-base in a way that turns the table for the cryptocurrency.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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