ethereumworldnews.com
In brief:
- Tron (TRX) has had an explosive week gaining 87% in 7 days
- Tron has hit a 3 year high of $0.1212
- However, BitTorrent (BTT) has eclipsed Tron on Coinmarketcap
- The popularity of Tron continues to grow as there is almost $20 Billion USDT issued on the blockchain
The digital asset of Tron (TRX) has had an explosive week gaining by roughly 87% in seven days hitting a three-year high value of $0.1212. Furthermore, TRX is now ranked 18th on Coinmarketcap right below the fellow Tron project of BitTorrent (BTT) that has also had an impressive week. BTT has gained by 136% in the same time period as seen in the screenshot below.
TRX Could Keep Rising Based on the Weekly Chart
At the time of writing, Tron is trading at $0.1175 with the weekly chart below confirming that such values of TRX were last witnessed in early 2018.
Also from the chart, it can be observed that on a macro scale, the weekly MACD is yet to show signs of weakness although Tron (TRX) is clearly in overbought territory. The weekly MFI and RSI are also hinting at an overbought situation for Tron. However, TRX still has the potential to keep climbing given the current bullish environment surrounding altcoins.
USDT Issued on Tron Nears $20 Billion
In terms of fundamentals, the amount of Tether (USDT) issued on Tron is inching closer to the $20 Billion mark as highlighted by Justin Sun through the following tweet.
When 20 B on #TRON? 😜 @paoloardoino https://t.co/otp5nkvXLo
— Justin Sun🌞 (@justinsuntron) April 2, 2021
USDT on Tron Could Soon Eclipse Tether on Ethereum
A quick glance at the Tether treasury reveals that a total of $19.794 Billion in USDT has been issued on the Tron blockchain. At the same time, the amount of USDT issued on the Ethereum blockchain currently stands at $22.416 Billion.
Doing the math, $2.622 Billion in Tether separates the two blockchains with Tron likely to equal or eclipse the USDT issued on Ethereum in the days to follow.