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Monero Price Analysis: XMR/USD Bulls Cooking Up Big Potential Moves

Tron (TRX) climbed 9.6% in value in a brief two-hour window as cryptocurrency exchange Bitfinex unveiled three new fiat trading pairs for TRX.

Bitfinex Adds TRX/Fiat Pairs

Bitfinex took to their official blog on Thursday afternoon to announce the addition of three major fiat currencies to their TRX markets. The tweet, which was subsequently retweeted by Tron CEO Justin Sun states:

“We are pleased to announce the addition of JPY, GBP and EUR pairs to TRON (TRX). With the addition of the above fiat markets, it is our continued aim to improve digital asset market liquidity and stability.”

The current TRX/USD pair already active on Bitfinex is hardly a popular market, accounting for only 0.25% of today’s TRX trades. Perhaps Bitfinex are responding to an increased demand from outside the realm of the American dollar. The post continues:

“This is a comprehensive expansion of our product offering to accomodate for a growing global trading market and increase engagement with a number of international monetary markets.”

TRX/USD Responds

Climbing from today’s low of $0.021364, TRX climbed past barriers not breached since mid-September, on its way to a valuation of $0.023426. TRX had been climbing slowly throughout the day, however the Bitfinex news appears to have been catalyst for the majority of the sudden growth.

TRX finds itself predominantly traded with USDT today, with the pair accounting for over 40% of TRX’s $131 million daily trade volume. The rest is shared between BTC, ETH and KRW. Given Tron and Justin Sun’s connection to the ‘far’-eastern bloc, one may have expected a larger presence of KRW, JPY and CNY trades.

Thus far no trades have been logged for the new fiat pairs, although it will be interesting to see how much demand is really out there for TRX.

Project Atlas

The price boost may have been expected a day or so sooner when Project Atlas was launched. Project Atlas is a merger between the TRX blockchain and the users of P2P file-sharing application, BitTorrent, which Justin Sun acquired earlier in the year.

Covered here on Hacked and on CCN, the project will see TRX, or a custom token, used to incentivize users on BitTorrent to carry out various useful actions, like seeding for a longer time and using faster nodes.

Justin Sun took to twitter to celebrate the launch, stating:

“#ProjectAtlas hopes to reinstate the value in P2P file sharing by promoting democracy, openness, and the exchange of ideas and content through a decentralized network.”

TRX is outperforming the majority of the market today, with only EOS coming close out of the market cap top-ten with around 3% growth. TRX looks likely to climb past IOTA in 11th place, and threaten Monero (XMR) in 10th spot before the day’s out.

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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