Tron Now the 10th Largest Cryptocurrency by Marketcap- What's Next?
Justin Sun's controversial cryptocurrency, Tron, has become the 10th largest cryptocurrency by marketcap following the Chinese government's endorsement of cryptocurrency and digital currency. The dApp intensive digital asset has jumped along with Neocoin, another Chinese cryptocurrency project to new heights. What is next for this asset, and what should a cryptocurrency investor do?
Tron jumped from $0.15 to $0.022 in 4-days following the Chinese Xi Jinping's endorsement of cryptocurrency and his commitment to Chinese adoption and usage of both his digital Yuan currency issued by the PBOC and other projects.
Justin Sun has coordinated with Samsung to incorporate Tron wallet technology into their phone. This is a substantial development, and a great inroad and synergistic opporunity with South Korea's biggest company, and a product that touches hundreds of millions of people. This allows for blockchain technology usage including key utilization and storage to be in every new Samsung phone.
In addition, the Chinese report on cryptocurrency projects of note according to analysts there endorsed Tron, EOS and Ethereum. Tron's robust dApp ecosystem that has recently made records for usership has propelled the digital asset. Tron has risen to the challenge of scalability and ease of use. Its 2000 TPS speed helps it maintain usability, and this will likely increase in the future.
Altcoin season is still far off. Bitcoin has recovered 15% since last week to the largest gain it has had in years. Bitcoin's dominance stands at around 68%, and with the rewards halving only 6-months away in May of 2020, it will likely take the spotlight and capture most of the cryptocurrency market gains.
Tron is a coin to watch. I have endorsed it lately, and stand by my prediction of a $0.05 price likely in Q4 2020 after the halving spikes Bitcoin above $20,000. I believe Tron is due for a slight pullback below its resistance of $0.018, and may see further retracement in Novemeber due to Bitcoin's rising dominance and the fact that Novemeber is historically Bitcoin's best month. I would sell Tron here and buy back as the selloff ends in December. Tron is a great cryptocurrency with a huge future.
Picture from Pixabay.