It is still a very intriguing period for all cryptocurrencies, even though it would appear the bullish Bitcoin momentum has subsided a bit. That is only to be expected, but it would appear most of the losses are kept to a bare minimum. The only notable exception within the market cap top 10 is the Tron price, which seems to be losing value pretty quickly.
Tron Price Momentum Sours Quickly
For people who have kept an eye on cryptocurrency lately, they will be aware of how Tron has maintained its value relatively easily. However, now that all TRX holders should have received their “free” BTT tokens, it is only normal they are liquidating their TRX again. Most of them can still do so with a minor profit, so they will be quite happy with the way things are going right now.
As a result, it is not abnormal to see the Tron price decline by nearly 5% in the past few hours. Its USD value has dropped to $0.0245, whereas the TRX/BTC ratio withdrew to the 674 Satoshi level. Neither of these setbacks is worrisome in the slightest, although it is evident there is some liquidation going on behind the scenes. Tron’s overall trading volume hasn’t necessarily changed all that much, as a lot of people are waiting to buy in at a lower price, by the look of things.
The big Tron-related news this week is the launch of BitTorrent Token. All TRX holders should have their wallets or exchange balances credited with the correct amount of tokens. Coindelta confirms they have issued all tokens to holders, which is rather interesting. It is a bit odd to see platforms take such swift action, as that is not always the logical outcome.
We are glad to announce that trading in the BTT-INR market has been started. We have already credited the $BTT airdrop to all the #TRON holders on #Coindelta. So please check your wallet! #TRX $TRX #BTT @justinsun @Tronfoundation @BitTorrent pic.twitter.com/Uygldb64T3
— Coindelta (@coindelta_) February 12, 2019
It would also appear one of the Tron testnets is down at this time. More specifically, it seems this is causing some big problems for companies and projects running dApps on top of the Tron blockchain. While this issue should be rectified pretty quickly, it remains to be seen how things will evolve in this particular regard. Addressing issues like these needs to happen swiftly and concisely.
as my last resort: @justinsuntron, do you happen to know why tron testnet is down? (https://t.co/z5H0B2NVMp). Currently unable to continue adding support for #tron in our application @NetworkArkane #trx $trx
— Quinten Ðe Swaef (@QuintenDes) February 12, 2019
Anthony R has noted a pretty interesting correlation over the past few hours. As BTT is one of the biggest gainers on the market, Tron has become one of the bigger “value losers” on Binance. It is possible there is a very strong correlation between both events, although one has to keep in mind this is not entirely unexpected behavior either.
— Anthony R. (@anthoriosanto) February 12, 2019
All things considered, it would appear this is a brief setback where Tron is concerned. Not entirely surprising, as most people obtained TRX just for the “free’ BTT token airdrop. Considering how the overall trading volume has not increased in any significant manner, it seems unlikely the price will drop much further over the coming hours. At the same time, there is some bearish pressure on Bitcoin, which will undoubtedly leave its mark on other cryptocurrencies.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.