Since the start of May, Tron (TRX) has seen its development process incrementally boost increasing the overall attention and adoption of the technology. Tron started the month off with a steady increase in price that saw it pip Neo (NEO) and Monero (XMR) to place 10th on Coinmarketcap rankings. The coin was momentarily placed 9th overtaking IOTA (MIOTA) after its price soared anticipating the main net launch on May 31st.
The platform has since gained massive attraction from most parties in the cryptocurrency world such as communities, developers, investors and exchanges. The last 30 days has seen TRX gain listing on 3 exchanges allowing TRX/crypto trading pairs. This article explains the recent TRX listings and advantages derived from the listings such as increased liquidity on the platform.
- IDAX Exchange
Tron Labs announced on May 22nd of the listing of TRX trading pairs on the IDAX exchange platform. The Mongolian based exchange was built by Global Blockchain Research Centre (GBC) and currently handles daily cryptocurrency trades of above $50 million offering users with a highly liquid platform to trade and exchange cryptos. With a total of only 0.1% of the total daily volume is traded using TRX/BTC and TRX/ETH pairs, the platform offers hope of potential growth in the future.
IDAX is planning a partnership with the Central Bank of Mongolia to issue cryptocurrencies with fiat rivets. This is expected to solidify the overall stance of the 20th largest cryptocurrency exchange in the world.
- BitoPro Exchange
BitoPro International Digital Asset Exchange is a digital asset exchange targeting global investors on the basis of its four years of successful experience operating Bitcoin wallets and other trading services in Taiwan. TRX was listed on the exchange on June 7 increasing the overall worldwide reach. The exchange will facilitate TRX/TWD pairs to withdraw, deposit and trade on it.
- BitForex Exchange
Every new trade listing of a cryptocurrency offers a chance for the token to be adopted by a new market. This increases the overall liquidity of the coins trading pairs while boosting the price of the token. BitForex cryptocurrency exchange authorized the TRX/USDT pair to be traded on the platform since June 8, 2018. The company is located in Singapore with its registration based in Seychelles. The exchange is globally extensive with users from over 80 countries trading on the platform.
In addition to the most recent developments, TRON has been making moves to tap into the highly liquid Forex markets. This move was solidified by a partnership with the New York-based Shift Markets. However, the coin has not been a favorite within the crypto arena in the past month.
The Shift Markets Effect
The past decade has seen tremendous growth in Financial Markets all over the world. Shift has played a major role in the development of FX market through facilitating the launch of over 100 FX brokers and most recently crypto exchanges. Crypto users currently have limited access to fiat pairs which makes TRON’s partnership with Shift markets convenient and relevant. This move might change the dynamics of liquidity within the Forex and crypto markets in future. As of press date, TRON is set to be offered in 9 countries by 9 different brokers within the jurisdictions.
TRX Market Liquidity June 2018
The TRON coin features in the top 10 altcoins as of press date. It is among the cryptocurrencies that have hit the $3.5 billion mark in market cap. TRX has been in the red zone for the better part of June but maintained transaction volumes as high as $160 million in a span of 24 hours. The performance is expected to increase after TRON shifted to their own mainnet in addition to interests shown by a couple of coin exchanges recently.
At the moment, TRX is trading at $0.0573 against the dollar while the equivalent of 1 TRX is at 0.00000755 BTC. The altcoin’s liquidity ratio stands at 4.59% with a market supply of 65 billion coins right now. This Mid Cap token has lost 24% in volume traded in the past week although the crypto market volume gained a couple of billions last month. The ROI on TRX as an investment in the past 30 days has been unattractive as it trailed the 3 Mid Cap tokens with -11.61%. In a span of 4 weeks, the coin managed to achieve $11.5 billion volume in trades despite the uncertainty surrounding cryptos and its 32% volatility.