Tron overtakes Cardano, Open Interest rises by 52%, What’s next?
In the cryptocurrency landscape, the majority of top cryptocurrencies including Bitcoin (BTC) and Ethereum (ETH) are continuously declining due to the current bearish market sentiment. Amid this downturn, Tron (TRX) is making waves with its impressive performance in recent days and also outshines Cardano (ADA).
Tron (TRX) Surpasses Cardano (ADA)
Despite other cryptocurrencies struggling, TRX is only the top cryptocurrency that has experienced a significant price surge of over 13% in the past 7 days. With this impressive price surge, TRX’s market cap has now reached $12.34 billion, overtaking ADA. In the last 7 days, ADA has lost over 23% of its value which unfortunately lowered its market cap to $12.12 billion.
TRX Price Analysis
However, on August 20, 2024, TRX continued to soar. As of press time, TRX is trading near $0.142 and has experienced a price surge of over 5.5% in the last 24 hours. Meanwhile, its trading volume has skyrocketed by 140%, during the same period. This increase in trading volume signals higher participation from traders in Tron (TRX).
Rise of Open Interest
Additionally, TRX’s open interest has also skyrocketed by 52% in the last 24 hours, which might be the potential reason behind the recent price surge. This surge in open interest suggests investors’ focus has now shifted to TRX and this trend might continue in the coming days.
TRON Price Prediction for August 2024
According to expert technical analysis, TRX looks bullish and now heading towards its all-time high. After BTC, TRX is only one of the few top cryptocurrencies that has reached near its all-time high. If TRX closes a weekly candle above the $0.15 level, there is a strong possibility it could experience significant upside momentum to its all-time high in the coming days.
The reason behind this significant price rally is the recent launch of Justin Sun’s new platform SunPump, a decentralized platform that allows users to create meme coins on the Tron blockchain. This platform was launched as a direct competitor to Solana’s “pumpfun” token generator.
