It will be rather interesting to see which cryptocurrencies can recover lost value in the days and weeks to come. For now, it seems there is no real change imminent, albeit things are always subject to change. The TRON price, for example, suffers from the biggest losses in the entire top 15 over the past 24 hours. A surprising turn of events, albeit it remains to be seen how things play out in the long run.
THE TRON PRICE DECLINE IS VERY REAL
While it is only normal for altcoins to lose value when the Bitcoin price is in a dip, the correlation between different currencies takes on surprising trend snow and then. The Bitcoin price has lost 1.39% over the past 24 hours, but the TRON price declined by over 10.3%. For TRX holders, this is not necessarily the trend they will be looking for, albeit there is very little to be done about it under the current circumstances. Negative market pressure is very palpable right now, and the situation will not change anytime soon.
To put this into perspective, the TRON price has lost 10.31% in value, pushing the price down to $0.065. Looking at the bigger picture, that value is still relatively high compared to March and April of 2018, thus everything needs to be taken in stride at all times. The bigger question is why this price has dropped so much, considering Bitcoin only suffers from minor losses in the same period.
It does appear TRX has lost a lot of momentum compared to Bitcoin. The TRX/BTC ratio has decreased by 9.2% over the past 24 hours, whereas the TRX/ETH ratio only lost 3.59%. Combining this is with Bitcoin’s value drop, it’s not hard to see why the TRON price is at such a low threshold right now. Recovering all of these losses will mainly hinge on whether or not the value of Bitcoin will improve anytime soon.
Even though TRON still has $447.325m in 24-hour trading volume, it seems highly unlikely the buyers will retake control of this market anytime soon. Right now, all cryptocurrency markets are dominated by the bears, and the TRON price suffers from this development. This week isn’t off to a good start for any cryptocurrency, but things might still improve sooner rather than later.
As of right now, Binance remains the largest market for TRON, which will not surprise anyone. Its BTC pair is well ahead of Upbit’s KRW pair and Bithumb’s KRW pair. OKEx’s and Bit-Z’s BTC pairs complete the top five, albeit with only a quarter of Binance’s trading volume. With two fiat currency pairs in the top five, things are still looking somewhat decent for TRX, albeit major changes will need to occur prior to things improving overall.
With all cryptocurrencies in such a somewhat troubled state, it will be interesting to see which coins can effectively recover in the days to come. It seems unlikely the TRON price will see any major changes moving forward, but the cryptocurrency industry remains unpredictable first and foremost. Even so, the current TRON price is not in the worst of places, and keeping the bigger picture in mind is the number one priority.