TRON’s TRX token has been seeing its price surge in the last few hours as traders are seemingly reacting to an announcement revealing BitTorrent’s BTT token will be launched on Binance’s token launch platform, Binance Launchpad.
As covered, the TRON Foundation, led by Justin Sun, has acquired the peer-to-peer file sharing platform with over 100 million users last year, which at the time saw TRX’s price surge 17%. BitTorrent’s BTT token, that’s to be launched on Binance’s token launch platform, is going to “allow BitTorrent peers to incentivize activities that lead to better file sharing.”
You missed the livestream about our new token BitTorrent $BTT? Here is a recap for you! Visit our website to learn more about the token and its crowdfunding on #BinanceLaunchpad @binance https://t.co/xq4qdCMKDl pic.twitter.com/OfxUrM7JlI— BitTorrent Inc. (@BitTorrent) January 4, 2019
Given Binance is one of the largest cryptocurrency exchanges by trading volume, its Launchpad is likely going to help projects gain exposure and more users. Current TRX users will be rewarded with BTT tokens, which will depend on the TRON blockchain network in a way that’s set to “benefit the whole ecosystem.”
Shortly after the announcement, the TRX token’s price started surging and is currently outperforming the top 100 cryptocurrencies by market cap. The MVIS CryptoCompare Digital Assets 100 Index, a market cap-weighted index tracking the top 100 cryptos, is currently up by 0.6%, while TRX is up 11.5% in the last 24-hour period.
Per available data, TRX went from a $0.0204 low to $0.0232 at press time. Given the rise its market cap is at $1.55 billion, making it the 10th largest cryptocurrency.
Supporting the cryptocurrency’s rise are other positive developments from the TRON Foundation. These include an increasing number of developers working on the project, and TRON network stats, which have revealed it now has over 1 million accounts, and 83 decentralized applications (dApps). Late last year, it surpassed 100 million transactions.
Going forward, the TRON Foundation has ambitiously revealed it’s looking to see TRX become a top 4 cryptocurrency, and to see its ecosystem grow larger than that of Ethereum in a bid to “make Tron the largest decentralized ecosystem.”
As of December 24, the total number of accounts on TRON's global network has surpassed 1 million. By the last day of 2018, the number of #DApps on #TRON reached 83, ending the year with a success. #TRX $TRX https://t.co/F6JJsPVyfb— TRON Foundation (@Tronfoundation) January 4, 2019
Most other top cryptocurrencies are also up in the last 24-hour period. Bitcoin, the flagship cryptocurrency, has risen 1.37% to $3,900 while Ether, the second-largest crypto by market cap, grew 4.05% to $159.7.
Other top altcoins are up anywhere between 1% and 3%, with litecoin being up nearly 9%, as it’s trading at $34.8.