In the letter:
- Tron (TRX) had an explosive week, gaining 87% in 7 days
- Tron hit a 3-year high of $ 0.1212
- However, BitTorrent (BTT) has dwarfed Tron on Coinmarketcap
- Tron’s popularity continues to grow as nearly USDT 20 billion is spent on the blockchain
Tron’s digital asset (TRX) had an explosive week in seven days, gaining around 87% to hit a three-year high of $ 0.1212. In addition, TRX ranks 18th on Coinmarketcap, just below BitTorrent’s (BTT) Tron project, which also has an impressive week behind it. BTT grew by 136% in the same period as in the following screenshot.
TRX could continue to rise based on the weekly chart
At the time of writing, Tron is trading at $ 0.1175, with the weekly chart below confirming that such TRX levels were last observed in early 2018.
The graph also shows that the weekly MACD shows no signs of weakness at the macro level, although Tron (TRX) is clearly in the overbought territory. The weekly MFI and RSI also suggest an overbought situation for Tron. However, TRX still has the potential to continue climbing given the current bullish environment surrounding altcoins.
USDT spent on Tron is approaching $ 20 billion
In terms of fundamentals, the amount of Tether (USDT) being spent on Tron is approaching the $ 20 billion mark, as Justin Sun pointed out through the following tweet.
When do 20 B on #TRON? 😜 @paoloardoino https://t.co/otp5nkvXLo
– Justin Sun🌞 (@justinsuntron) April 2, 2021
USDT on Tron could soon overshadow Tether on Ethereum
A quick look at the Tether Treasury reveals that a total of $ 19.794 billion has been spent on the Tron blockchain. At the same time, the USDT amount spent on the Ethereum blockchain is currently $ 22.416 billion.
After doing the math, $ 2.622 billion in Tether separates the two blockchains, with Tron likely matching or dwarfing the USDT spent on Ethereum in the following days.