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Market Report 11/29/18: Market Recovers Dramatically in 24 hours


The market has seen one of its most dramatic recoveries over the past 24 hours with Bitcoin gaining over 15% in value and adding over 19 billion back into the market. Bitcoin is now remaining at around a $4300 level. The market revival was an unexpected one but a much needed one as other major cryptos have reported record gains ranging from 7% to 30%.

Ethereum has recovered to a comfortable triple digit value of $120 and XRP is sitting at a stable $0.38. Though the coin that has performed the best over the past 24 hours is Tron’s TRX token.

What’s up with Tron?

While the rest of the crypto world was panicking over the bear market, Tron was preparing to release some exciting news that would end up making the token jump up 33% in just 24 hours.

On November 27th, Tron announced its new partnership with BitTorrent, the world’s leading torrent client. TRX is now accepted on the BitTorrent platform as one of the available payment methods. The reasoning behind it? TRX is hoping to make its token one of the most widely accepted on online platforms.

Tron has now gained access to a very large user base to utilize in the mass adoption of their token. BitTorrent’s network has more than 100 million active users who now will be looking to adopt TRX into their crypto wallets if they haven’t already.

Justin Sun, founder of Tron states that,

“BitTorrent joins a growing list of online companies whose products and services accept TRX as payment. With BitTorrent’s over 100 million users, the move helps increase the use of TRX in online marketplaces while giving consumers more options to unlock value from BitTorrent’s premium products.”

Sun also states in a report that BitTorrent operations will be relocating to Trons headquarters in San Francisco so the two companies can work closely together.

All of this news combined with the unexpected market rally caused TRX to just up by 33% making its value go from $0.012 to $0.016, moving it into the number 11 spot.

Will this Market Rally Continue?

While many investors are excited by the sudden rally to crypto prices, some say it’s too soon to say if this miracle rally will continue. But the majority guess is that this rally will continue until at least the end of November when new stable prices may be established.

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Editorial Team

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