Tron (TRX) price has begun to climb again after a month that had seen its price drop consistently from a market capitalization of USD 5.4 billion to a low of USD 2.7billion. The token has grown 6.65% since the start of the trading day to trade at a price of USD 0.0448. Tron is the 10th largest cryptocurrency by market capitalization with over 65 billion units in circulation and 24 hour trade volumes of approximately USD 250 million. Tron has an estimated 1.2 million holders globally and its current market capitalization is estimated at USD 4.5 billion.
The rise in price comes after news that BitTorrent was selling to TRON at a price of about USD 140 million. BitTorrent is an early entrant into the decentralized computing industry and its acquisition by Tron will help the blockchain platform in its efforts to continue growing its user base. As of the announcement, BitTorrent claimed that it had over 170 million users on its platform and that about 40% of the global internet traffic was moved through its protocol. This is a great proposition for Tron which is a blockchain based operating system with a high throughput, reliability and scalable ecosystem. Tron’s mainnet allows it to handle up to 2000 transactions consistently throughout the day.
Tron Migration to Mainnet
Tron’s token migration from the ERC-20 based token to its own network is set to be completed between June 21st and 25th at a conversion ratio of 1:1. The migration for Tron holders with their coins held in exchanges will be automatic while those that hold their coins in wallets will be required to deposit them in an exchange in order for the migration to be completed.
Acquisition and Ownership
Tron (TRX) are supported on about 30 different exchanges and can be traded directly with a number of other currencies including ETH, BTC, KRW, USDT, IDR and BNT among others. As an ERC-20 token, Tron units can be held in any wallet that supports Ethereum based tokens. However, as it migrates to its own mainnet, a Tron wallet is available for storing the tokens. The wallet is not limited to Tron tokens and it has been designed to support other coins and tokens developed on the Tron network. It has been made easily accessible with versions available for the web, mobile and desktop devices.
The market is very positive about Tron and its potential value. Some reasons attributed for this confidence include the aggressiveness of the platform’s founder, Justin Sun and the strength of its community. Tron has continued to actively engage its community through activities such as contests, bounties and accelerator programs.
The latest is a bug bounty for the month of June launched with the Tron (TRX) mainnet at the end of May. The bounty has a reward of USD 10 million, the largest of all bounties organized by the platform. The bounty is aimed at discovering the mainnet’s potential technical weaknesses in order to sustain it as the most secure public blockchain in the industry. The bounty ends on 24th June and feedback on the bug reports will be provided on 30th.