Tron [TRX] shoots up by 29% in the past 24 hours; gives Monero [XMR] a run for its position

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The bull seems to have returned to the market, with most of the coins seeing double-digit gains. This comes as a blessing to all cryptocurrency enthusiasts and investors as the past few weeks saw the coins being crushed in the bear’s hands. The top gainers in this bull season include Ethereum [ETH], Stellar Lumens [XLM], Litecoin [LTC], Cardano [ADA], and Tron [TRX].

Tron, one of the most popular altcoins in the market, has witnessed a massive surge in the market. Additionally, the coin has taken over Monero [XMR]’s position in the market.

According to CoinMarketCap, at press time, Tron was trading at $0.016 with a market cap of $1.08 billion. The coin had a trading volume of $195.51 million and has surged 32.77% in the past 24 hours.

The massive hike has resulted in the coin gaining the eleventh position in the market, which was previously occupied by Monero. Tron has achieved this as it has over $18 million more in market cap than the privacy coin, which has a capitalization of $1.06 billion. This position is also noted to be the previous position of Tron, which was lost because of the entry of Bitcoin SV in the top-10 list.

A majority of the trading volume for the coin is pouring in from BitForex with TRX/ USDT pairs. The second and third-highest trading volume is coming in from Binance with Tether and Bitcoin pairs. Upbit and OKEx are the other exchanges which recorded a top-5 finish.

Tron price chart: Source: CoinMarketCap

Recently, Justin Sun, the CEO and founder of Tron Foundation, announced that Tron has become one of the first projects to be included in Binance Info Gold Label Project.

Additionally, BitTorrent, the biggest Torrent platform in the world, which was acquired by the Foundation earlier this year, integrated CoinPayments. This integration will now allow all the users of the Torrent platform to make payments with cryptocurrencies such as Tron, Bitcoin, and Binance Coin. This can be used to pay for BitTorrent Pro and Ads Free products.

During the bear market, Sun had also recommended all the developers to shift from Ethereum blockchain onto Tron. He had stated on Twitter:

“In bear market, #Ethereum developers should migrate your token to Tron immediately. 1. 0 transaction fee, no gas in #TRX. 2. Compatible to #ETH,0 migration cost. 3. 2000 TPS. 4. $TRON dex listing. You can easily increase your token value 100% with High liquidity.”