According to crypto market statistics, Tron (TRX) has risen to the top of the cryptocurrency market in terms of profitability during the previous 24 hours. For a moment, the stablecoin UST took the top spot, however, it instantly lost the position due to unusually high volatility and depegging.
Reason behind Tron’s (TRX) consistent growth in the bearish cryptocurrency market
TRX has shown more consistent growth, increasing in value by more than 30% in the previous month despite the cryptocurrency market’s severe downturn. TRX’s excellent performance may be linked to the debut of USDD which is an algorithmic stablecoin that employs a backing mechanism similar to TerraUSD. TRX is aggressively fighting with Terra’s UST for reaching the first position in the market.
Despite the difficulties in maintaining the peg on UST, users continue to pour money into USDD, which has now hit $500 million in market value, closing in on Terra’s $750 million. Terra’s UST price is continuously fluctuating, gaining and losing up to 20% of its worth within a couple of hours.
The strong technical position of TRX
While Tron’s fundamental growth is its major market driver, TRX also remains in a favourable technical position. After more than 80 days of decrease, the market experienced a reversal, signalling the start of an uptrend for the coin. TRX coin is on a strong upswing, with a big jump in trading volume amid a major downturn in May. TRX is now on the rise, having gained moreover 15% in the previous three days.
The current market capitalization of Tron
As of 8:56 p.m., the Tron price is $0.08, up 7.71 % in the last 24 hours. Tron’s current price activity has resulted in a market capitalization of $7,757,469,130.65 USD. Tron has gained 6.59 % so far this year. According to Digital Asset Classification Standard, Tron is categorised as a Software platform (DACS).
Tron’s price ranged between $0.01 and $0.04 over most of 2018 and 2019. Tron’s price reached an all-time record of $0.22 in January 2018. Tron’s price reached a peak of $0.16 in April 2021, climbing alongside the rest of the industry as bitcoin crossed the $64,000 barrier for the first time.
About Tron (TRX)
Tronix, often known as TRX, is Tron’s native cryptocurrency. Tron functions as a worldwide online content sharing platform. Tron is one of several cryptocurrency initiatives aiming to use blockchain technology to decentralise the internet. It’s a platform designed exclusively for peer-to-peer file sharing, with the purpose of competing with centralised media tech giants like YouTube.
