TRON has been following in the footsteps of Bitcoin, Ripple and Cardano. The crypto currency has witnessed a dramatic surge in the previous month to catapult into the top 10 cryptos – taking the sixth spot on the list of most valuable alt coins.
On January 4, TRON (TRX) nearly climbed 100 percent to take its market capitalization to nearly $10 billion. It is startling that the market cap of TRX was $2.94 billion on January 1. At the time of writing, the market cap figure has crossed $15 billion figure.
Here’s what you must know about TRON.
The rise of TRON
The alt coins such as Ripple, Cardano, Stellar, Litecoin and Qtum have seen massive growth to hit record highs recently. TRON is another crypto that has been ‘mooning’ lately.
5x market cap in 5 days
The market capitalization of TRON has risen by nearly five times in past five days from nearly $3 billion to over $15 billion. While that on December 13, the market cap of TRON stood at nearly $500 million, almost one-thirtieth of the current valuation.
4500% gains in a quarter
In the space of 3 months, TRON’s price has risen by more than 100 times. Exactly three months ago, the value of TRX was hovering in the range of $98 million. On October 4, TRON closed at 0.003250 while the price of the crypto currency reached $0.15 on January 4. The currency price has rocketed by 4500 percent.
Read: Is Bitcoin a bubble?
What is TRON?
TRON is a blockchain-based crypto. It has an open-source protocol for the global digital entertainment industry. The crypto currency allows one-on-one interaction between the suppliers of digital content and the regular users. As per the official website of TRON, it aims to “heal the internet.”
Who founded TRON?
The brain behind TRON is Justin Sun, a protégé of AliBaba Group CEO Jack Ma. Sun has master’s degree from the University of Pennsylvania. Justin Sun has hinted at big announcements recently, tweeting “More exchanges to come, more partnership to come, the most important is more developers to come!”
There has been speculation around a possible partnership with Chinese eCommerce giant Alibaba for quite some time. TRON has recently entered into an agreement with oBike and Game.com. oBike an Asian bike sharing company, while Game.com is one of the leading online gaming platforms.
Meanwhile, the total market capitalization of crypto market reached a new high of $700 billion. The overall market cap was around $760 billion at the time of writing. The largest digital currency contributes $257 billion and has a market dominance of 34 percent. The digital currency is currently trading at $15,362, according to the coinmarketcap website.
The third-placed Ethereum had a good run in the last few days, as its market cap went past $100 billion for the first time. Ethereum is currently trading at $1,041.46.