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Crypto Rally Fizzles as Bitcoin Price Drops Below $8,000

The TRX price surged on Sunday, leapfrogging Tether for tenth spot on the crypto market leader board as the Tron hype machine continued to generate buzz in the investment community.

TRX Price Update

Tron’s TRX token rose more than 10% on Sunday to a high of $0.405, according to CoinMarketCap. At the time of writing, TRX/USD was up 8.3% at $0.0398 based on trade volumes of $307 million. The lion’s share of the daily turnover was concentrated on just three exchanges: OKEx, Binance and BitForex.

Tron is currently trading at its highest level since July 18. With a total market cap of $2.6 billion, TRX is once again the tenth largest cryptocurrency.

TRX fell out of the top-ten last month as part of a much wider correction in the cryptocurrency market. At the time, the reversal had completely wiped out the gains the token made over the previous two months.

Movement in the broader cryptocurrency market was much more tepid on Sunday. The combined value of all coins was $296.9 billion, little changed from the previous 24 hours. With the exception of Tron, no major cryptocurrency in the top-ten had reported significant gains.

Tron’s Super Monday

After months of anticipation, the Tron Foundation on Monday will unveil the next phase of its growth initiative. This includes the launch of the Tron Virtual Machine (TVM) testnet, an application environment that makes the TRX ecosystem bigger and more developer friendlier. Through TVM, the Tron Foundation seeks to enhance the development arm of its smart contract platform. In doing so, it will become fully compatible with the Ethereum Virtual Machine.

Basically, TVM will provide developers with dedicated infrastructure that imitates a fully functioning computer system, thereby enabling them to run smart contracts more efficiently.

The release of TVM coincides with the launch of a “secret project” that was first announced last month by Justin Sun, Tron’s founder. Although Sun has not commented on the status of the secret project, some have speculated that it will involve BitTorrent, which was recently acquired by the Tron Foundation.

The acquisition of BitTorrent was confirmed last week after the torrent service announced it was relocating to Tron’s new San Francisco office. According to a blog post, Tron’s newly acquired BitTorrent division “will provide robust support for Tron’s global business development and partnerships, while pursuing its vision for the world’s largest decentralized ecosystem.”

The Tron Foundation recently confirmed that the mainnet migration is running smoothly, with three exchanges supporting the TRX transition. They are Binance, Gate.io and Max. Major exchanges Bitfinex, HitBTC, OKEx, Huobi, Upbit and others have also resumed the deposit and withdrawal of the TRX token.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

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