With all cryptocurrencies bleeding value as of right now, it is evident the upcoming weekend will be crunch time for a lot of altcoins. As of right now, the Tron price is taking a major beating compared to other currencies This is pretty interesting, as the team recently unveiled the launch of the testnet. So far, most investors seemingly couldn’t care less.
The Tron price is Heading Down
While all other cryptocurrencies are also losing value, the Tron price is the only one effectively in the double-digit percentage right now. That in itself is quite problematic for such a currency which has seen a meteoric rise over the past six months. At the same time, the Tron price exploded without a working project, and it seems that is now backfiring on the project as a whole.
Even though Tron now finally has an official testnet, it is evident there’s still a lot of work to be done. As such, the Tron price is not responding kindly, as the losses are piling up as we speak. How all of this will play out in the long run, remains to be seen, for the time being. With the Tron price now heading below $0.043, it is evident a drop to $0.04 is not entirely impossible.
With this 10.8% decline, things are not looking great for the Tron price. With this altcoin also losing value against both Bitcoin and Ethereum -both of which are dropping in value right now as well – it is evident the future looks pretty troublesome for Tron as a whole. Whether or not the momentum will temporarily reverse over the weekend, is a different matter altogether. Anything is possible, but for now, the Tron price will likely keep going down.
With $512.66m in 24-hour trading volume, Tron is certainly outpacing a lot of the altcoins on the market as of right now. Whether or not this volume will help the Tron price recover in the long run, is a different matter altogether. It seems the sellers are in full control of the market, and until the Tron price can find a stable floor, things may not improve anytime soon either.
Looking over the exchanges ranked by trading volume, Binance is in firm control of the market as of right now. Their trading volume is over double that of Upbit, and nearly four times as high as Bittrex. With no fiat currency pairs in sight, it has become evident the cryptocurrency holders are trying to diversify right now. So far, that isn’t doing Tron any favors, but things are always subject to change in the world of cryptocurrency.
Whether or not the testnet launch can effectively boost the Tron price, is a different matter altogether. Right now, it seems most holders still don’t care too much about something that isn’t a live and working global product. At the same time, the overall negative pressure across all cryptocurrency markets is still in full effect. This coming weekend will be pretty interesting, but not necessarily for the right reasons.