Tron (TRX) captured first place in the cryptocurrency market in terms of profitability in the last 24 hours
Tron Becomes Most Profitable Cryptocurrency
In the last 24 hours, Tron (TRX) has been the most profitable cryptocurrency on the market. Before, the first place was “taken” for a short time by the “stablecoin” UST, which, because of its high volatility and depegging, added 10–50% to its value at different times and then lost it right away.
As the CoinMarketCap page says, TRX is “fighting” with Terra’s UST for first place in the market. UST’s price is always changing, going up and down by up to 20 percent in just a few hours.
The value of TRX, on the other hand, has gone up by more than 30% in the last month, even though the cryptocurrency market as a whole has gone down.
The good performance of TRX is tied to the release of algorithmic stablecoin USDD, which uses a backing mechanism similar to TerraUSD.
But even though it’s hard to keep the peg on UST, people are still putting money into USDD, which has a market capitalization of $500 million and is getting closer to Terra’s $750 million.
TRX Technical Analysis
Even though Tron’s fundamental growth is its main market driver, TRX is still in a good place from a technical point of view.
After going down for more than 80 days in a row, the market turned around and the coin started going up.
At the time of press, TRX is moving in a strong uptrend, and there was a huge jump in trading volume during a big drop in May.
At one point, TRX’s value went up by more than 40 percent in just a few days. As of right now, TRX is on the rise and has gained more than 15% in the last three days.