TRON, BitTorrent Prices Surge After Justin Sun Announces ‘Something Huge and Amazing’

TRON’s TRX and the BitTorrent token have both recently seen their prices surge in a not-so-positive day in the cryptocurrency space, thanks to a tweet published by Justin Sun announced ‘something huge and amazing’ is going to be shared in the near future.

On the microblogging platform Justin Sun told his over 1 million followers something “huge and amazing” was soon to be shared with them, after June 1. Even though some criticized this as an announcement to an announcement, the market seemingly reacted.

CryptoCompare data shows that the price of TRON, a cryptocurrency Justin Sun created that can handle a large amount of transactions per second and deploy smart contracts and decentralized applications, surged after the tweet, and is currently up 7.5% in the last 24-hour period.

Similarly, BitTorrent’s BTT token saw its price rise after the tweet was published, to the point it hit a new all-time high of $0.014 per token. The BTT token is a TRC-10 token based on the TRON blockchain. It was announced after TRON’s acquisition of BitTorrent was confirmed.

BitTorrent's price performance in the last 24 hours

Notably, the piracy-focused token has seen its price double since the start of the month. Its rise started as 990 million BTT tokens were being distributed to TRX holders. Per a Medium post from BitTorrent, a total of 1.2% of BTT’s supply, 11.88 billion tokens, will be distributed this year.

Some analysts believe that such an airdrop could easily see TRX’s price drop, but add selling pressure to the price of BTT as most users would likely sell their tokens as soon as they got them.

Others point to a recent announcement from the Opera browser, which revealed it’s set to add support for the TRON blockchain and multiple others on its built-in cryptocurrency browser. Opera is a remarkably innovative browser that introduces features the likes of Chrome and FireFox add later on.

It was the first browser to add a built-in cryptocurrency wallet, and the first to stop cryptojacking scripts from running within it. Years ago it was the first to add a dedicated BitTorrent add-on, and the BTT token could now be benefiting from that move.

Crypto Trading Volumes Plummet in June, CryptoCompare Report Shows

Cryptocurrency trading volumes plummeted in June to “roughly half of the daily volumes” seen in May, according to the CryptoCompare June 2020 Exchange review report.

The report found that top-tier cryptocurrency exchanges, those with a high ranking on CryptoCompare’s Exchange Benchmark,  saw their trading volumes saw their spot trading volumes drop by 36% last month to $177 billion, while lower-tier cryptoassets exchanges saw their trading volumes drop by 53% to $466 billion.

unnamed.pngSource: CryptoCompare

CryptoCompare notes that last month the highest recorded trading volume in a single day on top-tier exchanges was of $9.26 billion. In comparison, in March’s Exchange Review, the cryptoassets data provider revealed that the March 12-13 crypto market crash led to high in daily trading volumes, as $75.9 billion were traded across exchanges in a single day. Top-tier exchanges traded $21.6 billion that day.

It’s worth noting that the spot volumes did not hit an all-time high, even during the March market crash. In July 2019 and December 2017, when the price of bitcoin hit its all-time high near $20,000, spot volumes hit record highs.

In June, cryptoassets trading platforms charging traditional taker fees represented 76% of the total exchange volumes, while those implementing the tans-fee mining (TFM) model represented less than 23% of the cryptocurrency space’s spot volume.

Fee-charging exchanges, the report adds, traded a total of $455 billion in June, as their trading volume dropped 48% since May. Trading platforms using the trans-fee mining model saw their volumes drop 45% since May, as they traded $141 billion.

Exchanges using the TFM model are seemingly gaining market share. While in March they represented less than 20% of the spot trading volume, in June their market share was of 23%.  As CryptoGlobe reported, these trading platforms often have unusually thin order books and low traffic.

FCoin, the cryptocurrency exchanges that started using TFM, has passed trading and withdrawals earlier this year over the shortage of crypto worth up to $130 million. The firm’s founder revealed that the platform was not hacked, but instead an internal system error gave users more rewards than they should have received.

Featured image by Austin Distel on Unsplash.