The Cryptocurrency Market Remains Correlated: TRON Bucks the TrendJun 20, 2018, 10:25PM
The overall cryptocurrency market remains flat with most of the top 100 assets posting single-digit declines today. TRON bucks the trend.
The cryptocurrency market remains flat with most of the top 100 assets posting single-digit declines today. Among the top ten, Bitcoin, Ethereum, and TRON lead the market with gains of 0.43-1.5%. The rest of the assets in the top ten all post declines of under 2%. Market price correlations remain strong among all the top ten, and total trade volume continues to sit below the monthly average with around $13 billion worth of assets changing hands in the last 24 hours.
The total cryptocurrency market is now worth $289.8 billion with Bitcoin representing 40% of the total. Several news events seem to be exerting positive pressure on the market, including TRON's purchase of BitTorrent, however, the crypto market continues to be driven by technicals.
TRON's Purchase of BitTorrent
Justin Sun and The TRON Foundation have recently announced the purchase of BitTorrent for $140 million. BitTorrent is a software company that claims to have the fastest client and sync and share software for Mac, Windows, Linux, IOS, and Android. Charlie Lee, a computer scientist known for the creation of Litecoin (LTC), praises the deal, tweeting,
For some reason, this reminds me of the time when AOL bought Time Warner.
The news event seems to have pushed TRON outside of its correlation with the rest of the market - but not by much. Up by around 1%, TRON now has a per unit price of $0.048 and a total market cap of $3.22 billion. Trade volume is relatively high with just over $400 million TRX tokens changing hands in the last 24 hours.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.