Another Monday morning in crypto land brings us a little more hope as markets are once again climbing back towards $400 billion. Bullish technical signals are aplenty and Bitcoin is currently 2.9% up on the day at $8,500. The weekend has been flat with no news or momentum in either direction. Altcoins are pretty much all in the green this morning making steady gains. The altcoin everybody loves to hate is shooting off again this morning, Tron.
Take a look at any social media crypto group and you’ll see posts taking jibes at Tron and its founder. But there is no denying that TRX is traded heavily in Asia where they seem to have a different opinion. Coinmarketcap is reporting a 19% climb for Tron since this time yesterday with strong technical signals for further gains. Currently trading at $0.084 from $0.070 24 hours ago Tron is on a charge again. Weekly gains have been a similar 17% and the Monday momentum is pushing this altcoin higher than all of the others in the top 25. Over the past month TRX has climbed 66% from $0.050 this time in April. Against Bitcoin Tron is up 15% on the day to 975 satoshis from 850 sats this time yesterday. Monthly gains on BTC have been over 70% from a level of around 570 satoshis the same time last month.
Tron is heavily hyped on social media and Twitter where founder, Justin Sun, seems to spend most of his waking hours. Buildup to the launch of Tron mainnet and the separation from the Ethereum blockchain is driving current upwards momentum. The launch of a virtual machine this week to enable cross-compatibility with Ethereum dApps has also added to the upside swing;
Many still view this altcoin as way undervalued but with over 100 billion tokens in total supply it will take a few more coin burns to get price up significantly. The major factor will be how many dApps adopt the new network and choose it over alternatives such as Ethereum or Neo.
As expected, South Koreans have been loading up on Tron this morning with local currency, KRW, dominating trade on Upbit and Bithumb. Asian exchanges are taking nearly all of that trade volume which has increased over 170% in the past day from $217 million to almost $600 million. As a result the market cap for TRX has climbed to $5.4 billion pushing it above Iota to 9th position.
Total crypto market capitalization has climbed slightly since the slow weekend and is currently up 2.9% to $390 billion. Bullish signals are forming on most cryptocurrencies and the upward momentum looks set to continue. Other altcoins having a good Monday during Asian trading this morning include Cardano, Neo, Bytecoin, Lisk and Ontology.