Tron, a blockchain platform supporting decentralized app and aiming to compete with ethereum, has gained over 16% in the past one week to become the sixth largest crypto with a market cap of about $2 billion. According to CoinMarketCap, which lists almost all the major crypto tokens, the market cap of tron has now surpassed both stellar (XLM) and Cardano (ADA).
Tron has eclipsed both Bitcoin and the US dollar in terms of performance last month, with a gain of over 130% since mid-Dec. However, it should be remembered that Tron has declined by more than 90% since it recorded historical high an year back. At that time, the crypto had an eyebrow raising market capitalization of over $16 billion.
Notably, Tron ‘s recent appreciation in price has been boosted by the use of its blockchain protocol for DApps and the BitTorrent token sale, which has started today and will run until February 3.
Two token sales sessions have been organized for investors to buy BitTorrent tokens using either a binance or tron coin. It should be remembered that Tron holders will also be awarded BitTorrent tokens at the beginning of February through airdrop. BitTorrent is a professional version of the unrestricted file sharing software for file conversion, HD media player, anti-virus and downloads. In the meantime, the tron price rallied based on appreciation made by analysts at Weiss Ratings.
Weiss Ratings tweeted as follows: “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.”
Elsewhere, Brock Pierce, co-founder of Blockchain Capital, a crypto-focused venture capital firm, said that EOS, which is also perceived to be a competitor to Ethereum, and Tron, thrives on several decentralized applications and regular users of the two smart blockchain protocols. The Tron Foundation, headed by CEO Justin Sun, aims to surpass Ethereum as the largest blockchain platform for smart contracts and decentralized applications. It has daily volumes of $400 million, an increase from $200 million a few days ago.
Mati Greenspan, senior market analyst at broker eToro said “When you have a news story that highlights a development, it can cause these sudden leaps [for the likes of tron and other smaller digital tokens]. What we’re seeing now is the effect of a flat market—the overall sentiment noise is dying down so individual token developments are getting more attention.”
