Over the past week, Tron has seen a price increase totalling 14%, bringing the current trading price for the cryptocurrency up to around $0.029, at the time of writing. Furthermore, the 19 month old cryptocurrency has now seen a 31% increase in price over the past 30 days as Tron now sits in 11th position in the market cap rankings with a total market cap value of $1.98 billion.
Tron is intended to become a decentralised content network which will allow content producers to retain all their rights to their content, rivalling companies such as YouTube. The cryptocurrency also functions as a dApp platform which will allow developers to create decentralised applications on top of the Tron blockchain.
The cryptocurrency was founded by Justin Sun, who had also worked with Ripple for a short period of time before shifting over to start Tron. Sun has been regarded as one of Forbes 30 under 30 and is also the protegee of Alibaba billionaire, Jack Ma.
In this article we will take a look at the potential for Tron to reach the top 5 ranked cryptocurrencies by 2020.
The top 5 cryptocurrency rankings are presently held by Bitcoin, Ethereum, Ripple, Litecoin, and Bitcoin Cash. The market cap of Bitcoin Cash is $5.20 billion which is over a significant $3 billion ahead of Tron in market cap value. Tron has a long way to travel before being able to enter the top 5 ranked cryptocurrencies, however, the project has a long list of developments that will potentially aid Tron to reach the top 5 before the end of 2019.
Positive Drivers
CoinPlay
As Tron continues to outperform the majority of competing dApp platforms within the industry, the foundation has recently acquired CoinPlay.
CoinPlay is a blockchain based dApp store which provides software, games, indices and cryptocurrency ratings. The two projects have joined forces as they both have been described as sharing the same vision which is, “providing a better user experience for blockchain practitioners”.
CoinPlay is a blockchain based dApp store which provides software, games, indices and cryptocurrency ratings. The two projects have joined forces as they both have been described as sharing the same vision which is, “providing a better user experience for blockchain practitioners”.
CoinPlay has been designed to make it easier for new entrants to enter the market space. With the increased interest in Tron dApps, this acquisition will make it easier for users to find dApps and developers to list their product on the CoinPlay dApp store.
Tether
At the start of March 2019, Tether had announced that they would be creating a stablecoin based on the Tron blockchain. The USDT stablecoin would be a TRC-20 token that would be interoperable with all Tron based protocols and dApps.
The introduction of a stablecoin on the Tron network will greatly help institutional investors to become interested in the project as they have another option to invest within the project through the Tether stablecoin.
The Tron based Tether stablecoin is set to be launched at some point in Q2 2019. Justin Sun had even come forward and stated it should be released at some point during the start of April 2019– so anytime now!
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