Tron (TRX) maintained its offensive posture on Wednesday, climbing in the crypto market rankings despite a broad cooldown among its peers. The coin that seeks to disrupt the media landscape is enjoying strong upside thanks to the introduction of the BitTorrent token (BTT), which went live earlier in the week.
TRX Climbs the Rankings
Tron’s TRX token continued to climb midweek, adding 7.1% over the past 24 hours to reach $0.02806, according to CoinMarketCap. The cryptocurrency has gained a whopping 42% over the past seven days and is currently trading at its highest level since late July.
TRX also strengthened against bitcoin, with the TRX/BTC trade jumping 8.4% to 0.00000697 BTC.
It was only a week ago that Hacked analysts were observing strong technical resistance for TRX/USD just north of $0.0200, which had served as a major barrier during the most recent market downtrend. Given the current pace of gains, TRX holders are targeting the $0.03000 level in the near term.
Trading in TRX has also risen dramatically over the past week from $93 million to $232 million. As of Wednesday, Binance was the largest market for TRX trades, processing nearly a quarter of transactions via TRX/USDT and TRX/BTC. Upbit and Huobi each saw nearly 10% of the daily volume.
By comparison, the broader cryptocurrency market was mostly flat on Wednesday. This allowed Tron to solidify its place above bitcoin SV in the crypto market rankings. The Tron blockchain is now valued at nearly $1.9 billion, placing it ninth among active projects. It was outside the top-ten last month.
Tron is riding a wave of momentum following the introduction of the BitTorrent (BTT) token. As the name implies, BTT is the native cryptocurrency of the BitTorrent protocol, the popular peer-to-peer sharing platform that was purchased by Tron last year. Through BTT, BitTorrent users will be rewarded for sharing files on the peer-to-peer platform. This means users can earn tokens for uploading files and sharing them with the network. It also provides greater incentive to those who continue seeding the file after the download is complete.
According to the official whitepaper, BTT is a TRON TRC-10 cryptographic token that will be used by all clients on the BitTorrent network. Additionally, “BTT will be the unit which denominates transactions for the provision of different services in the BTT-enabled BitTorrent ecosystem.”
The full BTT whitepaper can be found here.
Tron’s application of crypto-economics to the file-sharing software has received praise from the likes of Changpeng Zhao, who called BitTorrent the “grandfather” of decentralized applications. In a recent tweet, he said the merger should be “an interesting case study.”
Of course, not everyone is convinced Tron offers anything of value to the cryptocurrency ecosystem. Crypto pioneer Jed McCaleb, who is behind projects like Stellar, Ripple and Mt. Gox, called Tron and projects like it “just garbage” because they “just do not technically work.” More on this story: Projects Like Tron are “Just Garbage,” Says Jed McCaleb; TRX Price Ticks Higher on New Year’s Day.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.