Another tiny digital coin leaps into the top 10 cryptocurrencies and its not STOPPING
The digital currency tron, or TRX, rose 112 percent Thursday to 20.5 cents, according to CoinMarketCap. This put numeric money briefly in eighth place by market capitalization.
Tron's profits came after a tweet from founder Justin Sun early Thursday, in which the company "will announce our partnership with a very prestigious public company next week".
-Tron repeats a pattern observed in recent weeks of the lesser-known cryptocurrencies that correspond to the ranges of the largest digital currencies.
A digital coin worth a penny a day ago doubled its price, rising briefly to eighth among cryptocurrency by market capitalization.
Tron rose 112 percent Thursday to 20.5 cents, according to CoinMarketCap. The website showed that the latest gains from the tron share gave the currency a market capitalization of $ 13.5 billion, higher than that of the litecoin and just behind another, the stellar currency. Litecoin had returned to eighth place in mid-afternoon on Thursday.
Tron's profits came after a tweet from founder Justin Sun early Thursday, in which the company "will announce our partnership with a very prestigious public company next week". Sun tweeted later on the day the news would arrive at a live broadcast event on "January 6 at 10 am GMT + 8 am Beijing time".
Tron 30 days of performance
The company is focused on creating a blockchain-based platform for monetizing digital entertainment. Investors listed on its website include some big names in Chinese business today, such as Wei Dai, founder of bike sharing company ofo.
Tron's surge follows a pattern of the last few weeks in which lesser-known cryptocurrencies have dramatically climbed into the ranks of the top 10 coins by market cap. Ripple has soared more than 1,000 percent in the last month into second place. In just the last week, stellar has leaped more than 300 percent, climbing into the top 10 coins and rising as high as sixth place.
"We are seeing the beginnings of renewed speculative fever driven by fears of missing out on the big gains that have recently happened in the crypto space," William Mougayar, organizer of the Token Summit conferences, said in an email.
"Although there were some cryptocurrencies that were under-valued a month ago, and they deserved the run-up, things are getting a little over-heated right now," Mougayar said.
Bitcoin, the largest and most well-known digital currency, has gained 1,300 percent over the last 12 months to near $15,000, according to Coinbase.
Much of the buying in the smaller cryptocurrencies is coming from bitcoin holders. About 79 percent of tron trading volume was in bitcoin, and 19 percent in ethereum, according to CryptoCompare.
It's not clear whether tron takes its name directly from the science fiction movie, but its 10-year projected development timeline on its website has heavy references to "Star Trek." The project is still in the initial "Exodus" stage.
CoinMarketCap data show tron began trading in September at a tenth of a penny.
PS: Don't miss LIVE the Stream on January 6th 10am GMT+8 Beijing time.
TRON (TRX) - Live Streaming About Partnership and Development
