A healthy bitcoin market is not good for Tron (TRX), proves the past 24 hours.
The world’s eleventh largest cryptocurrency market capitalization is appearing weaker against its top contender. The TRX/BTC exchange rate is down more than 16 percent on Wednesday to 282 sats. At the beginning of this month, the pair was trading at 458 sats, according to data provided by CoinStats’ crypto portfolio tracker app.
Meanwhile, the Tron price appears relatively stronger against the US dollar. The TRX/USD exchange rate in the last 24 hours has surged by more than 1.46 percent to 0.0839. It could be due to a weaker investment sentiment in the dollar market, especially after the Federal Reserve’s announcement last week to decrease the interest rates in July.
Bitcoin Correction Bullish for Tron
The market is expecting Bitcoin to continue its bull run towards the $15,000-16,000 range. Then, many believe the asset would undergo a large downside correction of 30-40 percent in one go. That, according to some altcoin bulls, would be good coins like Tron.
“Traders are pumping bitcoin really, really fast upwards, causing a ton of people to FOMO [which stands for Fear of Missing Out]. At the same time, they are selling altcoins really fast as well, causing capitulation there and people to panic sell them to bitcoin.”
Investor and trader Crypto Michael said on Wednesday.
Tron has decent fundamentals to support a new upside move. First, the asset’s issuer, the Tron Foundation, is planning to buy back $20 million TRX, which would reduce its supply against a potentially rising demand. Second, New York-based FinTech firm Carbon is launching its stablecoin atop the Tron blockchain.
And third, Tron’s CEO & founder Justin Sun will meet legendary investor Warren Buffet in July, which would bring the project before the eyes of millions and billions of people.
What do you think would happen to TRX price in the coming sessions? Tell us your thoughts in the comment section below.
The post Tron (TRX) Beaten by Stronger Bitcoin Sentiment appeared first on CoinStats Blog.