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.
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 TRON test network is expanding its nodes, in a sign that the project sees readiness from users and potential support once the main net launches.
It took #TRON just 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 $TRX pic.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.
This article appeared first on Cryptovest
