The Tron price (TRX) on Wednesday maintained its bullish momentum despite a watchful sentiment across other cryptocurrencies.
The TRX/USD rate today peaked towards 0.0306, up 53% for the week after posting five consecutive daily buying sessions. On a 24-hour adjusted timeframe, the pair has posted a whopping 13.56% gain against the US dollar. The strong buying sentiment has prompted Tron’s market capitalization to jump two ranks, leaving Craig Wright’s Bitcoin SV and stablecoin Tether behind.
Tron is also showing strong muscles against Bitcoin. According to an aggregate price index, the TRX/BTC pair has jumped 13.15% to 722 satoshis.
BitTorrent Token Launch
The upside sentiment appears to have surged after the launch of the BitTorrent crypto token (BTT). It is the native cryptocurrency of the BitTorrent protocol, the popular torrent file sharing platform which Tron took over last year. According to the press announcement, BitTorrent users will be able to earn rewards for seeding and sharing the files in BTT. According to the BitTorrent whitepaper, BTT is based on Tron’s TRC-10 standard.
CZ, the CEO of crypto exchange Binance, called the development an “interesting case study.”
The grandfather of Dapp finally finds its decentralized currency and business model. Should be a very interesting case study.
— CZ Binance (@cz_binance) January 5, 2019
The overall development appears to have attracted sentimentalists towards the Tron market, especially when rest of the top coins are finding it difficult to reach their next upside targets. The crypto token’s surge against Bitcoin alone explains that.
Will the Tron Rally Last?
The signs of sentimental trading suggest that traders will want to exit their long positions on a profitable note on the first sign of pullback action.