TRON sees a big spike as news breaks that blockchain founder acquires BitTorrent
TRON, otherwise known as TRX has seen an unprecedented double-digit gain and is at the time of writing, the biggest gainer in the crypto 100.
The value of the coin seemed to pick up after reports broke that the founder of The Tron Foundation, Justin Sun had acquired BitTorrent for in excess of $140 million. Rumours of this acquisition have been doing the rounds since the end of May and it appears that the deal was signed sometime around the middle of June.
Mr Sun remains quiet on details
At the present moment, we cannot tell how this purchase will help TRON further cement its position as a truly decentralised internet, and whilst Sun is usually vocal he has remained quiet about the details of this deal. Regardless, this acquisition has no doubt been responsible for a dramatic increase in investor interest in TRX.
TRX is currently the worlds 10th largest cryptocurrency in terms of market capitalisation and it trades at $0.04938, an increase of 17.9% according to CoinMarketCap. This puts its market capitalisation at just over a whopping $3.2billion.
It seems likely that TRX will attack the 100-day moving average that is currently lined up at $0.0553, over the next few days. If it is to break above this level it would expose the current falling channel hurdle which sits at $0.0638. It would take a high volume close settling above the falling channel resistance to confirm a long-run bearish-to-bullish trend change.
The news of the increase in the value of TRX comes after many positioned the crypto to move on to big things during 2018. It seems like many predictions are coming to fruition and we could even see TRON exceeding the $1 mark by the end of the year. As more and more people are sold on the concept of its content distribution platform, expect to see more and more price rises from this sneaky contender.