Which Alt Coin is threatening to overtake both Ethereum and Bitcoin?
These are times of price stagnation for major cryptos like Bitcoin (BTC), stuck it seems on September ranges just above $6200 and just below $6800.
The culprits, according to many analysts, are partly indecision on the part of US regulators vis-a-vis rules on BTC exchange-traded funds (ETFs) but more alarmingly, BTC’s volatility index (which tracks the cryptocurrency’s price variance over time using the standard deviation of daily open prices) sinking to a 17-month low as trading volumes slump leading to job loss in the sector, and a slump in fees for exchanges.
UK’s oldest Bitcoin exchange Coinfloor, launched in 2013, which had traded some $1 billion worth of BTC over the last 12 months, according to Forbes, is to slash its staff numbers by some 40 employees.
“There are now some 200 cryptocurrency exchanges around the world, according to CoinMarketCap data, suggesting the market has become crowded and leaving even the established exchanges fighting for users,” said Forbes.
But in these unsure times for BTC and top coins, one alt-coin is making moves.
Full on Tron (TRX)
TRON (TRX) prices are showing significant movement while other crypto assets continue to stagnate, reports Cryptovest.com.
After trading at just under $0.02 levels, TRX is on the rise in recent days, supported by its recent introduction of 3 new fiat pairs, as well as yesterday’s launch of the next version of TRON, Odyssey 3.1.
The platform added three pairs of TRX/fiat, which included JPY [Japanese yen], GBP [Pound sterling] and Euro [EUR].
The coin sees 39% of its trading happen against USDT, a cryptocurrency asset issued on the Bitcoin blockchain via the Omni Layer Protocol with each USDT unit backed by a U.S Dollar.
The update is seen as a key milestone to the launch of distributed apps on the TRON network. The project promises to offer a superior ecosystem to Ethereum and also EOS which is a digital token, based on an infrastructure platform for decentralized applications, launched by German team Block.One, and raised $4 billion during a year-long ICO and became the sensation of 2018.
TRON founder Justin Sun tweeted: “Based on community consensus, #TRON will be upgrading to Odyssey 3.1 on Monday, Oct 8. TRON will be 200x faster vs. ETH, 100x cheaper vs. EOS.”
The asset is just a small step away from entering the top 10 list of coins as Monero (XMR) slides.
“On Monday, TRX prices rose to $0.027, up more than 11% in 24 hours. Trading volumes gradually expanded to above $350 million over the same period, says Cryptovest.com.
“TRX accounts for 3.3% of all crypto trading, a relatively large share for an altcoin. And while not leading by Twitter mentions, it is still present in the top 10. The TRON network has reached 463,326 total accounts, surpassing EOS with its 358,677 total accounts. TRON is also getting more mainstream attention with mentions by NASDAQ and Investopedia”.
In an interview with Investopedia, TRON CEO and founder Justin Sun revealed that XRP is tailored to providing banks and payment providers a reliable solution for cross-border payments. More famous for that, Ripple is now supported by over 100 financial institutions around the world, including PNC. “TRON will also enter this space in the future,” Sun says.
Tron is aiming to complete some key milestones in Q4, 2018: One is to combine TRON and BitTorrent (Which it already did) that leverages TRON’s blockchain expertise to enhance the decentralized BitTorrent protocol, which has over 100 million monthly active users.
“TRON is set to surpass Ethereum on the road to becoming the world’s largest decentralized protocol. We will be delivering on these key milestones in the last quarter of this year and the first quarter of 2019,” said Sun.
“If we look at the top 10 cryptocurrencies, many of them are not motivated to continue innovating or improving their product. They represent the older generation of cryptos. TRON, on the other hand, is a young company with cutting edge technology, with much more room for growth. We are confident that TRON will surge into top 10 in the next 6 months.”
As for competition with BTC, Sun said:
“I see TRON carrying the torch into the future. The key to mass adoption is to truly have a decentralized application on a very large scale, a step that is also vital to the crypto sector’s development. The alliance between TRON and BitTorrent’s protocols and expertise is the foundation of a new model of content distribution.”
“For starters, the product will see much faster download speeds, more seeds, no mining, and backward compatibility. We are adapting the technology to the world we live in today: mobile, connected, and transparent.”