TRON (TRX) Goes Through Volatile Day After Bithumb Listing

Published on 05 April 2018 by Cryptovest Staff

At one point, TRX added 32% net in 24 hours, but slid as the markets turned to the red again.

TRON (TRX)has been seeing increased activity lately, especially after the launch of the test net. But in the past 24 hours, TRX saw extremely volatile trading. At one point, TRX added 32% overnight. Later, the coin sank, cutting the daily gains to 22% and trading at $0.039. The chief reason behind the short-term rise is the listing on Bithumb.

"#TRONis listed on@BithumbOfficial@Bithumb_KoreaWelcome trading#TRXinhttps://t.co/ofTKSScgQ0https://t.co/rzyXmvzlycpic.twitter.com/dqwtKe8BuP — Justin Sun (@justinsuntron) April 5, 2018"

Until now, TRX relied on Binance for most of its volumes. But about six months after the ICO, the digital asset is spreading through Asian exchanges. Now, Bithumb will be offering a small bonus for TRX deposits until April 9.

The TRONtest networkis expanding its nodes, in a sign that the project sees readiness from users and potential support once the main net launches.

"It took#TRONjust two days to go from 126 to 253 nodes in 5 continents! China is currently at the top w 91 nodes. US, Mexico, Spain, Turkey, and others are doing great! Welcome to testnet!#TRX$TRXpic.twitter.com/ADOuU0CxmZ — Justin Sun (@justinsuntron) April 4, 2018"

The TRON testnet has all the features operational to turn the project from the token-based stage into a platform. In the future, the TRON main net would be able to carry its own types of tokens, have nodes, and serve as an entire ecosystem similar to Ethereum, NEO, and others.

The problem is, so far none of the recoveries in TRX has lasted, and the coin sees deep daily setbacks. Trading volumes are still relatively small, and the Bithumb effect is yet to be felt. There is also some skepticism surrounding the TRON project, which is exacerbated by the cycles of volatility.

At the moment, TRX is starting to get fiat pairings, starting with Upbit and a pairing against the Korean Won. But an additional fiat on-ramp is available, through cryptocurrency ATMs from CoinFlip.

As for the current price spike in TRX, some believe it is a matter of a few large-scale clients actively manipulating the price. The rise in prices is happening on relatively low volumes, as it is usual for altcoins in the past weeks.

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