Price Analysis

Tron (TRX) Price Analysis: With Already 100 Million Transactions, Can TRX Suffice Its Investors In Future Too?

TRX is undoubtedly one of the best performing cryptocurrencies in the market. More than 90% of its trading is done on Binance- one of the leading cryptocurrency exchange platforms. Just within 173 days, TRX achieved more than 100 million transactions. This indicated that on average, 578,034 transactions are carried out each day on TRX blockchain. This is the reason why many crypto analysts and investors opine that TRX is a project with great potentials. It has also made great partnerships which are also positively impacting this blockchain and will be doing so in future as well.

Current Statistics:

So far, its current status is concerned, TRX is running on a bearish trend, and this is due to the fact that crypto market is highly volatile and it will not be reduced before the end of this year. Moreover, BTC’s price intensively impacts the value of other cryptos, and TRX is definitely one of them. The following information is available based on its current status-

  • Current market cap: 1,564,683,524 USD
  • Current trading volume: USD 0.023465
  • Market rank: 11
  • Circulating supply: 66,682,072,191 TRX

Price Analysis:

Tron

On the basis of the above chart, the current trading value of TRX is 0.023444 USD/0.00000381 BTC (UTC time 05:08). Its present 24h volume is worth of 673,522,044 USD. The same chart also shows that nearly 1 month earlier, TRX had a trading value of 0.029267 USD. So, within this approx. 1 month, the value of TRX has been reduced by -19.89%.

There is a current update that TRX made a record of having 2,500 active Dapp users and there occurred nearly 2 million transactions on TRONbet, while ETH has only 700 active users. This is a great foundation on the basis of which TRX’s value can spike up in the future. But, as we mentioned earlier, due to high volatility and bearish trend of BTC, TRX will definitely suffer in spite of having potentials. We believed that TRX could be trading at $0.09 by the end of this year.

Conclusion:

TRX is definitely potential crypto, but due to high volatility, it is better not to invest in it for a long term basis.

 

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David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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