Although most of the top cryptocurrency markets are still subjected to bearish pressure, it would appear a market reversal is looming on the horizon. The Tron price is going through a very bullish phase right now, although the momentum seems short-lived for the time being. The gains in TRX/BTC are quite impressive, though, as that is exactly what this market needs right now.
Bullish Tron Price Momentum Emerges
Few people expected any positive market trend materializing throughout the day. After another dreadful weekend, it would appear the bear market is far from over at this point. This doesn’t bode well for Bitcoin, nor for all of the other markets which primarily derive value from Bitcoin’s momentum. Tron is one of those markets, although the altcoin is noting some strong gains over Bitcoin at this time.
Over the past 24 hours, the Tron price has appreciate din a significant manner. Following a 4.5% increase in USD value, one TRX is now priced at $0.025057. There is also a 6.3% increase in TRX/BTC, which brings the value to 700 Satoshi. This latter aspect is the more important one, as most people are invested in altcoins to increase their Bitcoin holdings first and foremost. It would appear this also applies to TRX holders at this time.
Following the announced BitTorrent Token distribution announcement, it is now up to individual exchanges and trading volumes to support these airdrops. So far, WazirX in India has already confirmed they will credit token holders’ account balances with BTT when the airdrop occurs. It appears the first of these airdrops will occur in February, which gives users something to look forward to.
RT justinsuntron "RT WazirXIndia: We have some good news for #Tron holders on WazirX!
— MrSquid92 TRONdice admin (@MSquid92) January 21, 2019
Another exchange confirming BTT airdrop support is Gate.io. This rather popular altcoin exchange is quite important for Tron trading and arbitrage opportunities alike. As such, having them support this airdrop come February will be a positive development for the Tron ecosystem as a whole. It is expected a lot more exchanges will confirm support for BTT in the coming days and weeks.
— TRON Foundation Iran (@TronIran) January 21, 2019
As is usually the case when cryptocurrency markets start to head in an adverse direction, arbitrage opportunities will come to market. In the case of Tron, the altcoin plays a key role in a rather healthy arbitrage opportunity. Although loop arbitrage opportunities are lucrative, they also hinge on the overall liquidity of the platforms involved. Even so, for those who want to make some good money, exploring this option may be well worth it.
— KoinKnight (@KoinKnight) January 21, 2019
All of these signs point toward a rather short-lived Tron uptrend, for the time being. There is always a chance this market will turn mega bullish in the coming hours, although it remains to be seen what happens to Bitcoin first and foremost. As long as the world’s leading cryptocurrency remains in limbo, all other markets will be – proverbially – walking on eggshells as well.
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.