Tron's TRX Climbs to Number 10 Spot in Market Capitalization
Tron has been making huge waves as 2018 comes to a close, first with the release of the Tron virtual machine and smart contracts, then with the demo version of its decentralized exchange (DEX) TronWatch, and most recently with news of adding zk-SNARKS and privacy.
And now Tron has marked another highlight as it moves into the #10 position on Coinmarketcap.com for market capitalization.
When you consider the bear market in cryptocurrencies that’s been pushing coins lower nearly all year, any sustained upward momentum is impressive. Part of Tron’s move to #10 is due to the strong bounce seen at the end of November, when it looked as if cryptocurrencies might mount their own Santa Claus rally.
We wonder how far Tron might go as it continues gaining ground, while its rival in the dapp field, Ethereum, has remained stagnant since losing the #2 position to Ripple.
If transaction volume and dapp capacity is any indicator, Tron should already be higher than Ethereum, since it surpassed its rival a week ago in terms of the number of transactions, transaction volume, and the number of dapp users.
Tron’s Ambitions for 2019
Tron CEO Justin Sun dreams of creating the largest smart contract and dapp blockchain and has been pushing Tron hard to get there. The large range of products released in 2018 could see his dream come true sooner rather than later.
Tron’s gaming app Tronbet quickly became the largest dapp, and recently reached a total payout in excess of $3.5 billion. Also contributing to the success of Tron in the latter part of 2018 has been the rapid adoption and growth of its dapp platform and listings on major cryptocurrency exchanges.
Given its product offerings, growth, and momentum right now, it might not be too much to expect even faster growth as 2019 kicks off. Sun seems to have a clear direction for Tron, and a vision for how to make it the leading dapp blockchain in the world. There is no ignoring such drive and leadership — this could be just the beginning of a climb in TRX market capitalization to new all-time highs.
Underscoring the growth in TRX is the weakness that continues from its rival ETH, which remains depressed along with the rest of the market. When looking at the sharp rebound of late November, we might expect Tron to climb several more spots if a market recovery or Santa Claus rally begins in the next week or two.
What do you think of the strides being made by Tron? Do you think it’s possible for TRX market capitalization to surpass that of ETH in 2019? Let us know below.
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