Tron (TRX) fundamentals intact as BitTorrent hype booms

  • Tron stays above Ethereum in terms of daily transactions.
  • Tron scheduled an airdrop for TRX holders to get free BTT tokens.

In spite of the retracement from the highs traded above $0.031 on January 27, 2019, Tron (TRX) is still trading within the confines of a strong support range between $0.0265 and $0.0285. Tron has been among the best performing digital assets on the cryptocurrency market since the beginning of 2019. Besides, the asset stayed in the positive for most of 2018 due to the positive news surrounding the project.

Tron has not only sustained its position among the top ten leading assets, it recently dethroned Stellar (XLM) to jump into the 8th spot. Its market capitalization almost hit the $2 billion mark on January 27, however it has corrected lower to the current $1.8 billion. The network’s trading volume is also recording high levels with the current 24-hour volume standing at $254 million.

The network’s on-chain transactions have been on the rise in the last 14 days according to Tron blockchain explorer. At the moment, Tron has achieved a transaction volume of 2 billion from 1,659,750 accounts. When compared to Ethereum, Tron’s performance is exemplary. At present Ethereum network has achieved only 555,347 transactions in 24-hours.

Tron is mostly supported by the by the rising number of decentralized applications on its network. Developers are turning to Tron following the promise of no fees as well as increased transactions per second (TPS). Besides, in the past week, the booming price has been supported by the hype surrounding the recently launched Tron-based BitTorrent token (BTT). The network has scheduled an airdrop for its holders starting February 28, 2019. The airdrop will continue to take place on the 6th of every month after the first one.

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