TRON Increases by Over 100% in 1 Month

During the past 30 days, the valuation of the cryptocurrency market has dropped from $138 billion to $114 billion. The value is reduced by $24 billion. Yet, even in such a bear market, TRON recovered from $0.0127 to $0.0264, by a difference of 107 percent.

From December 17, within just five weeks, the Tron price exhibited a massive gain against both Bitcoin and the U.S. dollar following a series of positive announcements. Just recently, BitTorrent Token, the native cryptocurrency of the BitTorrent ecosystem, started a token sale on the Binance Launchpad and all of the tokens sold out within minutes.

BITTORRENT’s FUTURE ROLE FOR TRON’s SUCCESS

In a recent report, the Binance Launchpad and TRX completed the token sale of the BitTorrent token within 15 minutes. The BitTorrent Token was sold to Binance Coin and TRX holders, with 35.64 billion BTT distributed to TRX holders and 23.76 billion BTT distributed to BNB holders.

Both the sales were concluded within just 15 minutes. But, it is told that the transaction could have been completed within just seconds if not for the technical issues that happened on the Binance Launchpad. When commenting on this the CEO of Binance, Changpeng Zhao, told that the high demand for BTT overloaded the system even with intense preparation.

Changpeng Zhao said “Damn, no matter how much you prepare, still have bottleneck issues. Even the caching of caching was overloaded. Still underestimated demand. Sorry for the overloaded experience. And thank you for your support! Some issues will fix for the next one. Due to overwhelming demands, Tron team generously agreed to do a small airdrop for people who tried to place orders, but was not successful in buying.”

Following the successful campaign of BitTorrent Token, Justin Sun, the TRON CEO said that due to the fixed supply of BitTorrent Token and the one billion devices in the ecosystem of BitTorrent, there are only about 990 BTT per user. Going on the basis of demand for BitTorrent Token, investors remain positive that BitTorrent Token could fuel the next phase of TRON’s development and growth.

Even though many smart contract protocols like EOS, Ethereum, and TRX have multiple of decentralized applications (DApps) with many of active users on average, no blockchain protocol till date has a platform with millions of users. But, whether many BitTorrent users will use BTT remains in question.

One cryptocurrency researcher with an online alias “Zissou” suggested that BitTorrent Token might complicate the process of accessing the BitTorrent protocol. As such, it may be tough to incentive or convince users to utilize BitTorrent Token.

Most often, users download torrent files via torrent files or magnet links. For casual users, creating an account on an exchange, purchasing BitTorrent Token, reading a tutorial on methods to use it, and transferring BitTorrent Token to a BitTorrent client could be difficult.

HOW TRX GROWTH MAY LOOK LIKE

In a recently released report, it has been revealed that TRON has allocated some resources than many other blockchain protocols for accelerating its DApp ecosystem.

Dapp.com reports say that TRX is the most ambitious project by far with more than $2 billion pledged to support its DApp ecosystem. The statement read ” TRON is the most ambitious in the Dapp field, with a $2 billion Project Genesis launched in the second half of the year. Also, it spends $100 million on TronArcade to promote its Dapp ecosystem.”

It has been said that the transaction volume of the TRX blockchain network increased from less than 130,000 transactions to over 2 million transactions. All this has happened throughout four months. This result was according to the official blockchain explorer of TRX.

Because of the high user activity in the BitTorrent ecosystem, it is still very much uncertain that how TRX and the blockchain network will handle millions of requests on a regular basis.

The development team behind the BitTorrent Token project has prioritized scalability since the launch of its main net in mid-2018. The scalability-focused open-source developer community of TRON could allow it to achieve a transaction volume to handle large-scale applications eventually.

The Bureau of Labor Statistics reported the economy added 304,000 jobs in January. It is far more than the 165,000 that economists had predicted. The job growth is phenomenal shaking off the longest government shutdown in US history.

The unemployment rate ticked up moving from 3.9 percent to 4 percent. The unemployment rate has been creeping up since November when it was 3.7 percent. However, wage growth held steady at 3.2 percent this little wage growth, which remains the biggest weakness in the American economy. The average US worker hasn’t seen their paycheck get much bigger since the Great Recession, which ended around 2009.

Last month saw jobs being added in leisure and hospitality, construction, health care, transportation, and warehousing, according to the US Department of Labor. The widespread gains marked the 100th month in a row of hiring. They were a reminder of the economy’s continued strength, despite rising concerns about factors such as slowing global growth, trade tensions, and recent dips in consumer confidence.

“This is a solid report, particularly given how worried people were,” said Gus Faucher, chief economist at PNC Bank. The shutdown appears to have little impact on job growth after President Donald Trump approved back pay for a layoff government worker. This means 800,000 employees who worked without pay were included in the job count.

One area of the employment data where the shutdown did have an impact was on employees who turned to part-time work.

The surge in people “working part-time for economic reasons is where the government shutdown shows most clearly,” said Martha Gimbel, director of economic research at Indeed. She concluded, “Workers who were struggling financially may have had to take on part-time work to make ends meet.”

The share of the unemployed who reported being on temporary layoffs rose from 12.1 percent to 14.6 percent. This is because federal workers who were off the job were counted as unemployed. This is one of the contributing factors for an increase in the jobless rate.

The BLS issued a heavy downward revision for December’s job gains, from 312,000 to 222,000. After the new job report, the average worker’s hourly earnings climbed by 85 cents, or 3.2 percent since January 2018 — the same solid growth rate from December.

“I think we’re in great shape right now,” Larry Kudlow, Trump’s top economic advisor, said on Fox Business on Friday. “The USA is still the hottest economy in the world.”

“January’s Job Report demonstrated the strength of the American economy, with 304,000 jobs added as private sector job creation continued to surge despite the partial government shutdown,” Labor Secretary Alexander Acosta said in a statement.

The economy is adding jobs at a rapid pace the new report does point to a steadily growing economy. This is, again, a very positive report.

ABOUT THE AUTHOR

Sandra Kinsey

Sandra Kinsey joined FinanceLong team as a news editor with years of experience in finance industry. She holds master degree in business administration with majoring in finance. She's been actively involved in analyzing the most active stocks and commodities. She has keen interest in forex trading.

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