Tron Market Analysis

TRON Rallies Amid Crypto Bloodbath

Mar 29, 2018, 10:38PM
1 min, 19 sec READ

TRON is rallying despite a massive sell off in the cryptocurrency market. This move is part of a long term upward trend that has sent the asset into the top ten. This positive momentum may be due to speculation about a possible move to Malta.

The cryptoverse is flashing red across the board. And several major currencies have posted double-digit declines that sent the total market cap of the sector below $300 billion for the first time in months. However, TRON (TRX) - a Chinese coin aimed at decentralizing entertainment - is notably absent from the bloodbath. In fact, TRON is one of the few coins that actually rose today. This recent move is part of a month-long positive trend that has taken the asset into the top ten for the first time in its history.

Tronix Current Live USD Price

TRON's momentum started picking up in mid-March after a steady decline that resulted from controversies regarding its project whitepaper and lack of finished product. However, the asset seems to be staging a massive recovery and now claims the 10th spot among the largest digital assets with its market cap of $3.16 billion, narrowly beating IOTA's $3.11 billion (down 10% today).

What is Behind the Move?

The fundamentals behind TRON's momentum are unclear because several factors are at play. But the market may be optimistic about a possible move to Malta that was suggested by the asset's founder, Justin Sun. A move to Malta could help Tron's developers dodge the regulatory oversight of the Chinese government and operate in a more open cryptocurrency-friendly political climate. If TRON moves to Malta, it will be following in the footsteps of Binance exchange who announced plans to relocate its Japanese offices there to escape regulation.

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.