Tron Price Has Quick Gains Wiped Out Nearly Completely as Pump Cools Off

When it comes to the cryptocurrency markets, there is a lot of contradictory momentum. Whereas Bitcoin, Ethereum, and XRP are all struggling for any genuine traction, Tron seems to be enjoying a very positive spell right now. The current Tron price sits at $0.0267 again, following a minor value spike. An interesting development which seems to be linked to BitTorrent Token.

Tron Price Spike Sparks Excitement

It is not entirely uncommon for the top cryptocurrencies, tokens, and assets to bleed value during and after a weekend of trading. In fact, that is pretty common in 2019, by the look of things. Whereas Bitcoin and Ethereum are not noting any real gains whatsoever, Tron is taking a very opposite approach. Its value is, while only modestly going up, still rising. This trend has been apparent for over a week now and shows no signs of slowing down again.

Over the past 24 hours, the Tron price has risen by 3.2% in both USD and Bitcoin value. The current price point of $0.0267 is promising. A lot of traders will keep an eye on TRX/BTC, as most people trade altcoins to increase their Bitcoin holdings first and foremost. So far, that ratio sits at 776 Satoshi, which is well below the 800 Satoshi level most traders would like to see at this time.

As of right now, the main Tron-related discussions pertain to the BitTorrent Token. Although BitTorrent has gotten a bad reputation over the years, the protocol itself can be used for legal purposes as well. The Tweet below illustrates that point rather aptly. BitTorrent is a trustless P2P communication protocol for sending and receiving files across the globe. How the BTT token will impact that aspect, remains to be seen.

Crypto Music – TRX is confident this is only the beginning for a future Tron and BTT price gain. Both markets seem to be performing quite well, even though most of the TRX/BTC gains in this screenshot have been eroded already. A super bullish 10% gain one-hour candle caused a lot of brief excitement, although most people knew things would not continue down that line for very long.

The actual TRX price chart illustrates this point rather well. A massive spike occurred from 726 Satoshi all the way to 841, but it was quickly met with a massive reversal. Although it remains to be seen if this is the new support level or if further losses will be happening in the coming few hours. A complete reversal to 726 Satoshi isn’t out of the question as far as Tron is concerned,

Although one can easily see why there is so much excitement regarding Tron, the price momentum will not necessarily hold true. In fact, as most as the gains are already wiped out completely, it would appear the reversal is waiting to happen. The BitTorrent token release will undoubtedly spark further debates in the coming months, although that might not necessarily impact the value of TRX itself.

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.

Image(s): Shutterstock.com