TRON (TRX) spiked around 40% after the hard drop that the crypto market experienced during November. TRX moved from $0.0115 to $0.0167 in just a few days, according to CoinMarketCap. During the same period of time, the whole crypto market grew around 17%.
Recovery is no joke. TRON was able to recover part of the value that it lost during the second part of November. Since Bitcoin Cash (BCH) hash war begun, the crypto market plummetted.
TRX lost around 50% of its value from November 14 to November 25.
So what’s behind the rapid recovery?
Aside from just the market recovery itself, Tron actually posted a few updates within the last week.
For example, Justin Sun, the creator of the TRON Foundation tweeted that there is a very promising number of decentralized applications launching on TRON’s blockchain.
Just today, Tron mentioned that they might be shifting over to being a privacy coin soon.
At the same time, TRON has been selected as one of the first projects to receive the Binance Info Gold Label. For those that aren’t aware, the Binance Info Gold Label is a project carried out by the largest exchange in the world and that has the intention to provide useful information about recognized blockchain companies.
Just like with the stock market, when there are good updates, the prices tend to rally up for a bit.
As of now, Tron (TRX) could be purchased for 0.14$. As of now, TRON is being traded as the 11th largest virtual currency, surpassing Monero (XMR).
I’m personally a strong believer of Tron (TRX) because of how well the company performs by releasing frequent updates, listening to their audience and many more. If the market cap increases by around 4%, Tron could enter the top 10 and we might be able to see a rally.