Tron [TRX], the only coin that has overthrown every coin in terms of growth this week and was still doing great until the market became bearish.
Tron is currently trading at $0.026195 with a slight decline over the day of 6.89% at the time of writing. This decline is comparatively lesser than other coins. The volume traded over the past 24hrs is $870 million and the market cap being $1.745 billion.
TRX has surged by 15.75% higher this month on the Bitfinex exchange according to tradingview.com. At this moment today, the prices of almost all the cryptocurrencies have dropped tremendously.
After a brief break above $0.031, Tron returned to a consolidation zone between $0.028 and $0.031. It has since proceeded to drop below $0.028 and looks likely to drop further.
Bitcoin and Ethereum, the top two coins have registered a high decline. They recorded a decline of over 14% against US dollar. This plunge was recorded within 4 hrs as the market opened this morning.
The prices even though has declined today, TRX shows a very high growth over the week and is still tending to be bullish in the long run.
Tron has recently hired David Labhart showing that it is taking compliance with law seriously. David is a former US SEC supervisory attorney, and by agreeing to join Tron as Head of Compliance and co-General Counsel, it is clear that the foundation’s power wielders are not taking compliance lightly.
Justin Sun, CEO of Tron wants the rapport to be at its best with the financial authorities.
“Joining TRON is the perfect progression in a career driven by a passion for the frontier of the financial industry; where technology meets regulation.
Blockchain and cryptocurrency are the next steps in the evolution of the world’s financial system. I’m excited about Justin’s passion and long-term view of the benefits and potential impact of this new technology.”
TRON also announced on the 9th of January that margin trading at OKEx is now available at the link provided below:
— OKEx (@OKEx) January 10, 2019
Along with this, TRX had acquired BitTorrent back in 2018 in the urge to develop the decentralized platform. The utorrent tweet states the intentions behind BTT. The tweet goes as follows:
"The main intention behind BTT, the BitTorrent token, is to improve the user experience on the platform through a wide variety of mechanisms." https://t.co/ofTQsX3ujS
— µTorrent® (@utorrent) January 10, 2019
These may be the reasons for its growth over the week and the current reverse seems to be due to the performance of the market overall.