A lot of things have happened in the world of cryptocurrency over the past 48 hours. Most markets have seen significant declines, but if the TRON price is any indication, it seems that things are slowly turning around once again. Although the recent 24-hour TRON price increase of 71.82% is rather significant, one has to wonder whether there is any real value to this project. Moreover, this type of price action may ultimately cause an even bigger cryptocurrency market crash.
TRON Price Rebounds Strongly
In a way, it is good to see all cryptocurrency markets rebound so strongly after two very difficult days. Corrections in the cryptocurrency world occur at least once a year, and they mostly happen during the month of January. This year has proven to be no different, and even the TRON price has taken some big hits.
More specifically, the TRON price rose as high as US$0.24 without a real reason and crashed to US$0.047 about a day ago. Some people considered this to be another casualty of the cryptocurrency market onslaught. Others viewed it as a clear indication that TRON was vastly overhyped and overvalued. There is no right and wrong in this regard, as people are entitled to their own opinions. Contrary to what many expected, however, the TRON price has rebounded so strongly that a lot of its losses have been erased.
With a strong 71.82% gain against USD in the past 24 hours, the TRON price has returned to a value of US$0.088. This also represents a 59.7% increase over Bitcoin and a 60.15% increase over Ethereum. All of these signals are very bullish, although cryptocurrency markets will remain unpredictable for quite some time to come. Whether or not a pump-and-dump cycle is occurring remains to be seen. The current gains certainly hint at exactly that, but the TRON community will feel very differently.
Additionally, TRON has noted a very strong trading volume of over US$1.59 billion in the past 24 hours. That in itself is rather interesting, considering that the cryptocurrency market onslaught also seemed to diminish the trading volumes of most currencies in the process. With the TRON trading volume returning to big-boy numbers, things may finally turn around. If this volume keeps up, we will eventually see the TRON price jump to over US$0.15 again.
Most of TRON’s current trading volume still originates from the Binance exchange, as is to be expected. More specifically, the platform seems to be the go-to place to buy (or pump?) TRON, as no other major exchange lists this altcoin at this stage. Coinnext is the #3 market ranked by trading volume, even though its price remains excluded from the global average on CoinMarketCap. How all of this will affect the price moving forward remains to be seen.
As of right now, it is evident that TRON has the most momentum of all cryptocurrencies on the market. At the same time, the way things have evolved for the TRON price over the past 24 hours does indicate that there is still plenty of “dumb money” in the cryptocurrency world. Whether or not that will trigger another major cryptocurrency market collapse remains to be determined. It is certainly possible that we are not out of the woods just yet, but things look far less bleak than they did 36 hours ago.