• Tron’s native token TRX increased 13.6% in the past month
• TRX outperformed Bitcoin and Ethereum
• Factors influencing TRX’s market performance include demand, supply, network development and market sentiment
Tron’s Native Token Up 13.6% in 30 Days
Tron network’s native token TRX has experienced an increase of 13.6% over the past month compared to other leading cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). According to data from CoinMarketCap, TRX was trading at about $0.06073 on Jan 25 and has since reached a high of $0.07249 on Feb 20, a 19.36% hike from the Jan 25 price. The coin is currently priced at $0.06902.
Factors Influencing TRX Price Movement
The prices of cryptocurrencies are often influenced by demand, supply, network development, market sentiment, and macroeconomic factors. According to CoinStats‘ Fear and Greed Index, TRON’s current market sentiment is 53 which puts it firmly in the greed category. Additionally, the Tron network is working on new projects to bolster its community and demonstrate its creators‘ vibrancy with daily token burn rates increasing by 60% from the previous month according to TronScan data..
TRX Outperforms Bitcoin & Ethereum
Several tokens including some of the top coins have displayed signs of correction throughout the last few days however; TRX has managed to maintain its positive run increasing by 2.94% during the past seven days exceeding BTC and ETH’s gains or losses during that period as shown in data from CoinMarketCap..
TRON Network Changes & Token Burning Activity
On Feb 20th when TRX hit its highest level of the last 30 days Tron released a report on significant network changes one of which was a rapid surge in burned tokens topping 15 billion leading many to suggest that this could result in considerable deflationary pressure for TRX’s price movement going forward..
TRON’s native token continues to show promise for investors with recent gains far surpassing those seen by other major coins such as BTC & ETH despite a bearish crypto markets trend this February due largely to increased burning activity along with strong network development & bullish market sentiment .