Tron (TRX) has been one of the most controversial altcoins since its rise to fame in Q4 2017. Pioneered by Justin Sun, Tron always successfully attracts headlines from big crypto newspapers. Let’s analyze what Tron is, where Tron is in the crypto market today and what the TRON price prediction is for the rest of 2019.
What Is Tron (TRX)?
Tron is a highly scalable blockchain platform with DPoS (Delegated Proof of Stake) consensus mechanism. According to the official website, Tron’s mission is to decentralize the web. Tron’s focus are in digital content applications and dApps (decentralized apps) market. Tron founder, Justin Sun, often made claims and comparisons between TRX and ETH (Ethereum) on his twitter account. Justin Sun is considered as one of the most controversial figures in the cryptocurrency community because of his tweets and statements.
In the beginning, Tron was introduced as blockchain-based content network, but it has evolved to include all kinds of dApps including gambling applications, stablecoin, and BitTorrent token. Justin Sun often praised Tron blockchain as the most popular dApp platform that can rival Ethereum and EOS. Statistics from DappRadar shows that majority of Tron’s dApps are gambling-based applications. Tron itself has low gas fees, and many crypto traders like to use TRX to transfer their crypto balance from one exchange to another due to low transaction fees and speedy transaction.
Where Is Tron (TRX) In The Crypto Market?
Tron gained its popularity in Q4 2017 when its price rose more than 120x within just 6 weeks. To be fair, many other altcoins also pumped very high in December 2017 to early January 2018, but Tron was certainly one of the highest gainers. The most popular crypto-to-crypto exchange, Binance, had a hard time with their servers at the peak of bull market due to the popularity of Tron pairings. However, the honeymoon did not last very long. 2018 was a very bad year for cryptocurrencies and Tron itself was not an exception. They experienced a huge crash until the November 2018.
November 27, 2018 was the lowest point for TRX last year. The price went to $0.011596 before it started to slowly bounce back following 2019’s bullish movements of bitcoin and other altcoins. At the time of this publication, Tron is trading at ~$0.03259. Tron enjoyed its rise against BTC in January 2019 but then BTC completely dominated TRX ever since, as you can see from the below image:
Tron Price Prediction: Upcoming Events
As one of the top altcoins, Tron is very likely to rise very fast when the next altseason begins. While the next altseason may still be far away, but some upcoming events can affect Tron price on the market. First event is Justin Sun’s anticipated lunch date with Warren Buffet. On July 25, Tron CEO Justin Sun will have a lunch date with Warren Buffet and it might slightly affect TRX price on the market.
The second and more important event is the Sun Network’s official launch. On August 10, Tron will officially launch the mainnet of Sun Network. The Sun Network is an expansion plan of Tron blockchain to include dapp sidechains, cross-chain infrastructures, and other plans. Many crypto enthusiasts predict TRX price will rise a few days or a few weeks before this event. There is also a possibility that the launch of Sun Network might not affect the price at all, especially if Bitcoin continues its market dominance against altcoins. Outside of the above two events, the chance for Tron to pump higher than BTC this year is not very high.
TRON Price Prediction and Altseason
Tron generally moves in the same direction with other top altcoins and altseason will be the biggest trigger for Tron price to pump significantly. Unfortunately, nobody knows when Bitcoin will lose its market dominance against altcoins. Nobody knows when we will have our next altseason. We at Switchain have a good article that specifically talks about Bitcoin market dominance and altseason. You might want to check it out.
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