TRON's TRX Sees Market Cap Drop Below $1 Billion Amid Strong Market Sell-Off

The market cap of TRON (TRX) has dropped by nearly 15% in the last 23 hours, as the cryptocurrency market as a whole has been in the red since Bakkt’s bitcoin futures launched.

Available market data shows that while most cryptocurrencies saw their prices drop by at least 10%, TRX is among the most affected ones in said period. The cryptocurrency is currently trading at around $0.013 after starting the day at $0.155. Its market cap dropped from over $1 billion around $874 million at press time.

TRON’s TRX has, in fact, been performing rather poorly in the second half of this year, as it already lost over 60% of its value against the US dollar after it hit a $0.4 high back in June of this year. In the last 12 months, TRON is down by around 41.1%.

Against bitcoin, the flagship cryptocurrency, TRX seems to be doing even worse. The cryptocurrency hit a 0.00000856 high in January of this year, and as BTC started recovering it kept on dropping to its current 0.00000155 low.

TRON price chartSource: CryptoCompare

TRON’s TRX dropped about 3.1% against bitcoin in the last 24-hour period, as both cryptocurrencies saw their value plummet in the crypto market crash.

While the cryptocurrency’s price performance has been rather poor, some of its fundamentals have been seeing improvements. Justin Sun, TRON’s founder, has recently shed light on the cryptocurrency’s plan for a new staking mechanism that’s set to help increase the rewards of minor holders, in an attempt to further decentralized the network.

In July of this year  TRON surpassed the 500 decentralized application (dapp) market on its blockchain, while having over 700,000 active users. While its market cap drop saw it lose its position as a top 10 cryptocurrency, when it comes to GitHub commits it’s still holding onto the position.

Data from Tronscan shows there are over 3.6 million addresses on the TRON blockchain, and that a total of 690 million transactions have been processed.

Featured image via Unsplash.