Tron [TRX] leads the cryptocurrency top coins today after a surprising hike in its price of more than 8 percent in the last 24 hours. Apart from Tron, other top cryptocurrencies are in red having suffered varying prices losses since yesterday.
Bitcoin [BTC] Price Update
At the time of writing, bitcoin is trading at $3,579 to the U.S. dollar—that is just over 2 percent worse than it traded in the last 24 hours. Bitcoin dominance still hovers around 52 percent which shows the market is still largely a reflection BTC performance.
Ethereum [ETH] Price Watch
Constantinople, the planned hardfork of the ethereum network set to activate tomorrow has done little to spur the ETH market. Going into the upgrade, Ethereum’s native token Ether lost more than 5 percent of its value since yesterday now valued at $119. Its total market cap is just over $12.4 billion, still lower than Ripple’s XRP which stands above $13 billion.
ETH might still rally close to launch of Constantinople or after it is successfully activated tomorrow. There’s no reason to believe it will not succeed after it was delayed from last year.
TRON [TRX] Price Watch
Tron is the surprise element in the crypto markets today as it grew rapidly in a few hours to reach 0.247 from 0.212 where it closed yesterday. Thus far, the cryptocurrency rose over 8 percent in a short while. This rise starkly contrasts the state of cryptocurrency markets which seems to have entered another bear trend.
The increase corresponds with a rise in 24-hour trading volume from $170 million to $348 million in 24 hours. This comes mostly from Binance crypto exchange which accounted for about 25 percent of the trades and UpBit with just under 14 percent of the transactions.
There is no telling if the rise is sustainable or if the gains will be wiped by a sharp downward correction.
Also, the reason for this spike is still not clear although the positive news of BitTorrent’s Token [BTT] have been all over the place. As Smartereum reported, CEO of Tron Justin Sun announced the BTT
“TRON Foundation and BitTorrent Foundation are introducing a new cryptographic token called BTT along with an extended version of the BitTorrent protocol in order to create a token-based economy around the usage of networking, bandwidth and storage on hundreds of millions of computers on the internet.”
Altcoin Price Analysis
All the top 10 cryptocurrencies—except Tron and Stablecoins—are in red today. One of the worse affected is Litecoin which have lost as much as 7.5 percent of its value in the last 24 hours and 19 percent in the last 7 days according to data from Coinmarketcap. It is currently trading at about $30 to the dollar with a total coin market cap of $1.85 billion.
Cardano [ADA] also lost heavily (6.3 percent in the last 24 hours and 17 percent in the last 7 days. Its market cap currently stands at $1.35 billion which places it as the 9th most valuable cryptocurrency.
As at press time, Ripple [XRP] Bitcoin Cash [BCH], EOS [EOS], and Stellar [XLM] are down 2%, 6.5%, 4%, and 4.7% respectively from the last 24 hours. Bitcoin SV [BSV], currently at $76 has lost over 9 percent from the last 24 hours making it the worst performing among top 10 coins.
Cryptocurrency prices used in this article were obtained from Coinmarketcap.com and coin360.com