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TRON's native TRX token rose 13% on Monday, as the hype around the recently launched BitTorrent Token (BTT) continues to spark interest in the decentralized entertainment platform.
TRX climbs to the highest weekly
The price of TRX hit a high of almost $ 0.0290 on Monday, its best price in a week. The session record was generated by a sudden increase in trading volume starting around 03:00 UTC. About an hour later, TRX had gained 13%. Daily trading volumes peaked at $ 323 million later during the session.
The TRX gains have since been moderate, with the last price seen hovering just above $ 0.0270. This represents a gain of 5.7%.
At current value, TRX's total market capitalization is $ 1.8 billion, which places it in the no. 8 places on the active ranking. It far exceeds the Stellar XLM, which currently stands at just over $ 1.5 billion, but remains well below Tether's $ 2 billion cap.
TRX has repeatedly tried to come back above $ 0.0300, but has been prevented from doing so. This bullish objective remains very much at stake, but a failure to relaunch convincing could relaunch the bearish pressure. The price of TRX has been firmly limited at this level since last summer.
While Tron posted gains, the broader cryptocurrency market retreated slightly on Monday. The market capitalization of cryptocurrencies fell by $ 113.7 billion from $ 114 billion just 24 hours ago.
BTT Airdrop imminent
As Tron's founder, Justin Sun, pointed out last month, the BitTorrent Foundation will launch the first dropping of its BTT token on February 11th. The initial deployment will be limited to current TRX owners as soon as the block reaches 6.6 million. A total of 10.89 billion units of BTT will be dropped in the air that day, accounting for 1.1% of the circulating supply.
The sale of BitTorrent chips was administered on January 28, 2019 via Binance Launchpad, where 60 billion BTTs were recovered in less than 15 minutes. The public sale yielded about $ 7.2 million, based on the value of BTT at the time. As Hacked recently reported, BTT grew up to 55% on Monday as the chip went towards seven exchanges, including Upbit and BInance.
At the time of writing, BTT had a symbolic value of 0.000810 USD. Its trading volume reached $ 269 million, with Binance accounting for more than half of the daily turnover. Upbit processed almost 41% of daily transactions.
Despite the euphoria surrounding BTT, not everyone is convinced that the Tron ecosystem can support such a broad initiative. Former BitTorrent executive Simon Morris said Tron's network was not able to handle the transactional capacity of BitTorrent.
Related: Justin Sun undertakes to prove that Tron is the real deal.
Morris summarized his critics in an interview with BreakerMag on January 11:
"It was very clear when I was [at BitTorrent] that there was no way of Tron's trading ability would be [work]. Transactional capacity we [were] It was enough to watch hundreds of transactions per second to start. It's just not there. You hear all the bullshit, oh, that's 10,000 transactions per second. It's crap. We were going to melt Tron. Destroy it literally. "
Disclaimer: The author is the owner of Bitcoin, Ethereum and other crypto-currencies. He holds investment positions in coins, but does not engage in short-term or day trading.
The selected image is a courtesy of Shutterstock.
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