Tron [TRX] escapes sideways monotony as massive volatility enters the market

The Tron [TRX] token has escaped the clutches of the bear market and has been in a state of volatility ever since. The one-day chart shows the price starting at $0.02342, with a market cap of $1.53 billion. Tron’s seven-day price has seen a colossal increase of 9.15%.

Source: Trading View

The price, however, didn’t stop at $0.02342, as it took a steep downturn and reached $0.2319 with almost the same market cap. The token had another slump, causing the price to plummet to $0.0230, which was the lowest in the one-day time frame.

The market cap followed the price, and saw a decrease of $22 million. The trend continued, but with a steady increase, which lead the price to climb to $0.02399.

The price rallied to higher highs and lower lows within a time span of 35 mins [approx], when the price fell down twice i.e., $0.02337 and $0.02317 and rose successively to $0.02396 and $0.02387. The market cap reached $1.57 billion during this span of volatility. The token is currently trading at $0.02396 and has a market cap of $1.57 billion.

Source: Trading View

In the seven-day chart price, TRX started at $0.02265 and with a market cap of $1.46 billion. This was followed by a volatility dry spell until the prices slumped to $0.02172, causing the market cap to follow the same trend, which resulted in a decrease of $34 million.

Shortly after the slump, the prices ascended to a $0.02347 and market cap increased to $1.54 billion. This was followed by a steady increase in prices up to $0.02396 and a market cap of $1.57 billion.

The rise in prices is speculated to be due to the daily transactions of Tron exceeding that of poster child cryptocurrencies like Bitcoin [BTC] and Ethereum [ETH].

The Tron weekly report was released yesterday by Justin Sun on Twitter, which included the rewards for a community of hackers, who received a sum of $3,000 for vulnerability reports. The reports also included the completion of tests for memory database optimization and transaction property along with optimization of TVM cache.

The transaction receipt tree design and partial development for the TRX token remains a work in progress.

Apart from the weekly report, Tron’s founder and CEO, Justin Sun, tweeted recently about the listing of Tron [TRX] on Turkey’s fastest growing cryptocurrency trading platform, Koineks. Tron was also listed on Bestex, a global digital asset spot trading service.

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