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In the past 24 hours, the digital cryptography market added $ 19 billion to its valuation, with the price of bitcoin (BTC) rising to $ 4,300.
After falling into the $ 3,000 region, Bitcoin made an unexpected price hike, increasing more than 15% in a single day.
The new momentum established by Bitcoin has allowed the rest of the cryptocurrency market to recover. Major digital badets such as Stellar (XLM), Cardano (ADA), Monero (XMR) and TRON (TRX) posted gains of between 7 and 25%.
TRON 33% price increase
In 24 hours, TRX's price jumped 33 percent from $ 0.012 to $ 0.016, recording the largest daily gain of any major cryptocurrency.
The sudden increase in the price of TRX would have been caused by the integration of TRON by BitTorrent, the most used torrent client in the world.
In July, TRON officially acquired BitTorrent and its network, which serves more than 100 million active users. With this acquisition, TRON has almost immediate access to an active global user base that is difficult to secure for startup.
At the time, TRON founder Justin Sun said BitTorrent would transfer its operations to TRON's San Francisco office and that the company would start taking advantage of the torrent client.
On November 27, TRON announced that TRON was accepted as one of BitTorrent's primary payment vehicles as part of a larger initiative to increase the use of TRX on online platforms.
Sun says:
"BitTorrent joins a growing list of online businesses whose products and services accept TRX as a means of payment. With more than 100 million BitTorrent users, this decision helps to increase the use of TRX in online markets, while providing consumers with more options to value BitTorrent premium products. "
The announcement of TRON and BitTorrent came at a time when extremely crypto-currency market conditions began to allow cryptocurrencies in large and small markets to embark on minor corrective rallies.
The synergy between the corrective market recovery and the announcement led to a sharp rise in TRON's price.
Overall in a better place
TRX was able to show such a large price movement in the short term, as the cryptocurrency market is in a better position than last week.
The strong movement of Bitcoin allowed the dominant cryptocurrency to establish a fund in the region of $ 3,000. Like Alex Kruger, an economist and cryptocurrency trader, m said:
"I do not think that" the "bottom is in. Just" a "bottom." Do not change my short-term prospects Double extreme volume background after bitcoin reaching most oversold levels in history. And the points, which represent my main oversold (proprietary) signal, have only been triggered once before, ever scoring the bottom of 2015 (they plummeted once in a flash crash). from one day). "
In the short term, if the volume and dynamics of Bitcoin can be maintained, the cryptocurrency market should extend its positive trend throughout the month.
Click here and here to get a Tron and Bitcoin price chart in real time.
Featured image of Shutterstock. TradingView Charts.
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