Tron TRX Coin Market Cap Slips Below $1 Billion for First Time Since December 2018
The cryptocurrency market has experienced a pretty good year so far, but this week has seen one of the biggest sell-offs of the whole year in the industry. Most cryptos had losses of at least 10% and Tron was not an exception to this rule.
In fact, Tron fared even worse than most tokens this week, seeing its prices going down by 20% in less than 24 hours. Now, the price of the token is around $0.0126, compared to $0.016 yesterday. This caused the market value of the token fall to below $1 billion USD for the first time this year, being around $861 million right now.
For any Tron investor, this is a worrisome sight. Losing nearly 17% in the last 24 hours has knocked them out of the 13th spot, falling to the 14th. The TRX token hasn't falling this hard, or this fast in the last year.
Why has this happened? It is important to see that Tron has been declining in price a lot since April. It gained a lot of value after the Bitcoin bull run but lost 44% of its price afterward. When compared to Bitcoin, Tron lost even more of its price, 67%.
Tron has done well in the decentralized apps area recently, but this is not translating very well into the price. DappRadar has tracked over 400 dapps that operate on the Tron network, more than the Ethereum network, which has been around for a long time. If having a growing ecosystem is the key to growth, then Tron will recover, if not, it’s hard to say what will happen to it.