- TRON outperforms other major cryptocurrencies in the industry
- BTT token sale a major factor for the spike in price
- The first BTT airdrop to take place on February 11, 2019
Contrary to other cryptocurrencies, the week starting February 4, 2019, was rather bullish for TRON (TRX) as it opened the day in green pastures recording a spike in value as high as 16 percent.
This price behavior was in stark contrast to that of other major cryptocurrencies such as Bitcoin, Ether, XRP, and Bitcoin Cash – all of which recorded modest returns in the range of 0.5% to 1.5% on average. Stellar Lumens (XLM) has been the biggest loser in terms of price recording a loss to the tune of 1.6%.
BitTorrent Token Pushes TRON
Led by their charismatic leader Justin Sun, TRON has had inarguably the strongest start coming into 2019. The head start was lead by the announcement of BitTorrent’s BTT digital token. As reported by BlockchainReporter on January 29, 2019, the BTT token sale completed in record time. A total of 50 billion BTT tokens were sold in less than 15 minutes. The selloff raked in $7.1 million in total.
Cryptocurrency exchange behemoth Binance was responsible for providing the necessary infrastructure to facilitate the BTT token sale. Changpeng Zhao, the CEO of Binance promised the buyers of BTT that there will be several airdrops with the first one scheduled for February 11, 2019. The airdrop will see 10.89 billion BTT tokens (approx 1.1 percent of the entire supply in circulation) distributed among the TRX holders.
Future airdrops are expected to occur through to 2025, per a blog post published by BitTorrent Foundation on January 20, 2019.
It would seem that listing of the BTT token on various exchanges has also helped spike the value of the digital coin. On February 3, 2019, Sun tweeted that BTT will be listed on the Hong-Kong based cryptocurrency exchange KuCoin. Traders can buy the token in pairs of BTT/BTC and BTT/ETH.
Unsurprisingly, this announcement led to a rapid surge in the price of BTT. At 13:30 UTC the BTT/USD rate had risen by 525%.
At press time, the price of TRX sits at $0.026 with a market cap of $1.7 billion and the 24-hour trading volume of $342 million.