One of the newest altcoins on the block, Tron (TRX) has enjoyed a strong last 24 hours, rising almost 10% in value against the US dollar, underpinned by solid fundamentals, despite the rest of the cryptocurrency market appearing somewhat flat. Up-to-the-minute data from Bitfinex revealed that the price of Tron rose by 8.5% against USD, up from 0.0328 to 0.0395. That’s despite the likes of Bitcoin and Ethereum remaining largely flat throughout the weekend, even though the European Parliament Committee of Economic and Monetary Affairs recently acknowledged that cryptocurrencies have an inherent value.
In terms of technical analysis of TRX/USD, it is clear that it has already moved beyond its short and medium-term moving averages. Furthermore, its indicators (both stochastic and RSI) both point to greater potential upsides in the coming days. The underlying trendline of TRX/USD is now a very positive one.
Migration Influencing Tron Price?
However, crypto experts believe that the fundamentals of TRX/USD could be the primary reason for the price rise over the weekend, rather than any technical drivers. Firstly, it’s important to note that the Tron coin recently opted to migrate from the ERC20 standard to the TRON20 standard, becoming a primary asset for Tron’s truly decentralised Mainnet and infrastructure. The move to TRON20 is said to have gone without a hitch so far, with 368 online nodes already available.
The Tron network also recently announced its intentions to acquire the world’s number-one torrent platform, BitTorrent, which boasts more than 150 million monthly users. Traders have viewed this deal as a positive step towards the creation of a fully-decentralised internet for content usage and sharing. The network also unveiled its very own Virtual Machine, which is reportedly 80% quicker than Ethereum. If the reports are deemed correct that Tron’s VM is capable of outperforming Ethereum, it will certainly prick the ears of developers that are presently utilising the Ethereum blockchain to build and execute smart contracts.
New Projects on the Agenda
Alongside the launch of the new Tron VM, there are whispers within the crypto community that the Tron network is planning on releasing details of an additional secret project at the same time as the VM launch. The platform’s owner, Justin Sun, believes the details of this new secret project will attract an additional 100 million active investors in Tron and its fundamental network. Some reports have suggested that Sun and Tron are on the verge of completing a surprise partnership with Chinese e-commerce giant, Alibaba, although this is unfounded to date.
One thing is for sure, those interested in the Tron project will be bitterly disappointed if this network unveils a rather underwhelming project that’s been kept under wraps. A number of cryptocurrency investors have suggested Tron is trying too hard to raise the profile of the network by making outlandish claims such as the potential to entice 100 million new users to the platform. If this so-called ‘secret’ project fails to deliver, it could affect the short-term fundamentals, if crypto investors decide that this new crypto coin on the block is more bluster than the next real thing.