Tron [TRX] Shoots Up Over 10% Following Binance’s Announcement

Tron [TRX] Shoots Up Over 10% Following Binance's Announcement

The altcoin TRON has experienced a sudden and much needed rise in its price after the long downtrend, following some recent events, notably Binance’s intention to pair with TRON and Bittrex’s move to trade TRON directly against the USD.

Binance announced its intention to pair its native Binance Coin Token, BNB with TRON’s TRX, which has undoubtedly drawn a lot of attention to the cryptocurrency in the last 24 hours, a decision some people believe will give more liquidity to both cryptos.

Ryan Xanders, a cryptocurrency trader is one of those who strongly believe in TRON’s market. He said the volume of the cryptocurrency is “building up” and that makes it attractive to investors in addition to the already enticing price change.

This step by Binance, many are optimistic will bring a positive change to TRON market and it suggests that Binance believes in TRON, which is likely to attract even more investors to the cryptocurrency.

Another major altcoin exchange Bittrex is planning to get involved with fiat currencies using altcoins to trade with USD. The exchange is starting with two altcoins, one of which is TRON and Litecoin is the other.

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This is a great development that is also likely to increase the coin’s patronage. According to an announcement by Bittrex on Twitter, all Bittrex accounts created before September 4 are eligible to trade any of the two altcoins against the USD.

At the current value of ~0.02 USD, TRON will be able to appreciate more if the price rise in the last 24 hours is sustained, although this may be a bit difficult to achieve. TRON currently has a trading volume of $155 million and the demand seems to be on the increase. Nevertheless, it will be hard to tell where the price will go in the next few days and the rest of the year.

Hopefully though, the actions of Binance and Bittrex may attract and keep investors if nothing else goes wrong. The cryptocurrency market has seen enough “bloodbath” and it will be consoling for traders to begin to see some positive changes and they will be attracted to any crypto that is showing such a tendency.

If the price of TRON can sustain its rise, investors will no doubt venture into it seeing that all the major cryptocurrencies are losing their edge in the downtrend and many are beginning to look elsewhere.

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