Asian Cryptocurrency Trading Roundup: Top Altcoin is TRON
Another flat day starts in Asia as the bulls and bears are still in stalemate and the markets cannot gain traction in either direction. The total market capitalization is still hovering around $300 billion though the threat of a drop further still looms. Bitcoin has not moved from its level at just below $8,000 and altcoins have been lack luster for a few days now. The one showing the strongest gains in the top 25 this morning is Tron.
As reported by Coinmarketcap, TRX is trading 10% higher on the day. This often controversial altcoin is currently trading at $0.048 up from $0.043 this time yesterday and over the week gains have been even better at 26%. Tron has been one of the few altcoins to actually show gains over the past month as it is up 20% from $0.040 at the end of February. Comparing it to BTC Tron is up 9.5% on the day to 617 satoshis from a level of 560 this time yesterday. Over the month TRX has made solid gains against Bitcoin rising 57% from 390 sats to 615.
Tron fans are building up to the testnet launch of their decentralized entertainments ecosystem in two days which has spurred further interest in the token. Founder Justin Sun and the team are very active on Twitter with several posts per day on the countdown and various minor partnerships. Following the Binance Malta move announcement the Tron team followed up with their own posts about investing in the Mediterranean blockchain friendly island.
TRX is traded heavily on Asian exchanges Binance at 35%, Huobi with 20% and Upbit with 12% of the daily volume. That volume has increased over the past week and is currently at $310 million. Market cap currently stands at $3.1 billion pushing Tron back up the charts to 11th spot where it currently sits.
The only other altcoin in the top 25 showing meaningful gains this morning is Monero which is up 5%. All others are flat or falling. Outside the top 25 Bytom is showing a 20% gain on the day and further down the list Syscoin has jumped 26%.
More on Tron can be found here: https://tron.network/