Tron Network’s TRX Jumps 13.6% in 30 Days as Crypto Markets Trade Flat
Tron’s Price Surge
• In the past 30 days, Tron’s native token (TRX) has experienced a 13.6% jump in price.
• This increase was higher than Bitcoin and Ethereum, which both experienced corrections during this time.
• The surge is likely due to the network’s positive developments and market sentiment.
TRX Price Movement
According to CoinMarketCap, TRX was trading at about $0.06073 on Jan. 25 and managed to stay above that level over the next month. On Feb 20th, it reached its highest point of $0.07249 representing a 19.36% hike since Jan 25th. Currently, TRX is priced at $0.06902 – a 13.6% rise in the last 30 days.
Factors Influencing Price
The prices of cryptocurrencies are often influenced by demand, supply, network development, market sentiment and macroeconomic factors. According to CoinStats’ Fear and Greed Index, TRON’s current market sentiment is 53 – placing it firmly in the greed category. Additionally, Tron is actively developing its project with 15 billion TRX tokens burned recently – suggesting deflationary pressure on prices may soon be felt by investors.
Bitcoin vs Ethereum vs Tron
Bitcoin (BTC) and Ethereum (ETH) have both experienced losses over the past week while TRX has maintained its positive run increasing by 2.94%. This suggests that there could be support for an increase in value for the Tron coin despite general crypto markets being relatively flat over this period of time..
Tron’s native token (TRX) has experienced a considerable price surge over the past 30 days – outperforming Bitcoin & Ethereum significantly with a 13.6% increase in value as of Feb 24th 2023 6:32 pm GMT . This surge can be attributed to several factors such as network developments & favorable market sentiment as indicated by CoinStat’s Fear & Greed Index which placed TRON firmly in ‘Greed’ territory at 53/100 points currently..