It seems today will be another abysmal day for most cryptocurrency markets. As the total market cap keeps dwindling, all individual currencies are feeling the pressure. The way things look right now, the Tron price is seemingly poised to head quite a lot lower in the near future. Its market cap is also heading below $2bn if this trend keeps up for much longer.
The Tron Price Faces Massive Corrections
This past month has been anything but great for all cryptocurrencies. The Tron price illustrates this point perfectly, as it has lost nearly 40% in value over the past 30 days. These past 24 hours alone, the Tron price dipped by 17.84%, which effectively puts its value at $0.03. This is not the trend most speculators have been waiting for, to say the very least.
Even though Tron now as a test net, most holders seemingly don’t care in the slightest. Ever since that release, the project’s market cap has dropped by nearly $900m, which further goes to show the negative pressure in the cryptocurrency world continues to build up. With the Tron price now looking poised to dip below $0.03 and the market cap heading below $2bn, things are not looking too great for Tron.
It is also interesting to see how Bitcoin and Ethereum are dragging Tron down right now. Even though now is a precarious time for altcoins to make their mark against these two currencies, the Tron price is losing ground due to ongoing struggles in both markets. With a 12.84% dip against Bitcoin and a 12.48% decline against Ethereum, the Tron price has no stable support level to speak of right now.
While Tron maintains a trading volume of $219.65m in the past 24 hours, it’s evident people want to exit this altcoin market first and foremost. What is driving that decision all of a sudden, is a different matter altogether. Until Bitcoin and/or Ethereum recovers spectacularly, we will see a lot more negative pressure across all markets. Tron will be no exception in this regard.
As of right now, Binance is the biggest trading platform for Tron with its BTC pair. Upbit and Huobi are duking it out for second and third place, with Bittrex not too far behind. All of these developments are pretty interesting, although it is evident there is no influx of fresh capital for Tron right now. Its first fiat market comes in 14th place thanks to Ethfinex’s TRX/USD trading pair.
For the time being, it seems the Tron price will continue to decline for some time to come. This is painfully evident right now, as it seems highly unlikely the cryptocurrency markets will recover from this ongoing onslaught anytime soon. Eventually, the market will turn around, but for now, we still need to get rid of some overvalued currencies first and foremost.