Bitcoin Teeters While TRX Posts 6% Gains; What’s The Reason Behind The Surge?

Bitcoin Teeters While TRX Posts 6% Gains; What’s The Reason Behind The Surge?

The cryptocurrency market is gloomy on Wednesday as bitcoin strives to stay above $7,000. Tron (TRX) is the noticeable outperformer in the top 20 with gains of more than 5% on a day when bullish momentum in the crypto market appears to be waning.

Ethereum, XRP and other altcoins are also bleeding out. 

TRX Leads The Pack

TRX is on the rise and presently posting a sharp 6.41% increase which has stabilized the price at $0.015201. TRX is now the world’s eleventh-largest coin with a market cap of $1.01 billion. Its daily volume has crossed the billion-dollar mark to as much as $1.53 billion.

In satoshi terms, the gains are just as impressive. From a low of around 200 satoshis, TRX has surged by at least 6.90% to reach 214 satoshis.

BTC is dangerously close to falling below the psychological $7,000 marker. At press time, the coin is exchanging hands at $7,082.58. Ethereum is trading at $145.51, down 0.86% on the day. Ripple’s XRP has lost 0.91% in the last 24 hours to trade at $0.218531. Cardano’s ADA is following closely behind TRX and has gained 2.05%.


So, What Gives?

TRX is a standout mover possibly due to the recent announcement of Tron CEO Justin Sun. He is well known for his marketing antics where he makes an announcement about another announcement. Today, Justin teased:

“I know something big for the #TRON community, which will benefit all TRC10&20 tokens. $TRX $BTT $WIN. Can you guess what it is?” 

Poloniex cryptocurrency exchange – Sun recently admitted to purchasing a stake in Poloniex – also posted a similar vague announcement on Twitter saying:

“We’ve been working on something big for the #Poloniex community. Can you guess what it is?”

This has stirred rumors that Poloniex will soon be announcing support for TRX base pairs and TRC tokens.

Nonetheless, there are other fundamental drivers that could also be fueling the price. According to the recent weekly report published by Tron Foundation, the Tron network registered over 61,000 new addresses in the previous week, with the total number of accounts now reaching 4.18 million.

Also, during the same period, the total number of transactions crossed the 800 million mark. The number of DApps on the Tron blockchain has now reached 632, exhibiting a constant weekly growth of 0.6%.