After the prolonged downturn, a crypto market is trying to maintain the stability in $135 billion to $137 billion range. Top cryptocurrency Bitcoin has shown decent volume in the past fifteen days while TRON and NEO emerged as the best performer. NEO and TRON recorded 10% and 7% gains respectively.
Though Bitcoin has shown volume at around $5 billion throughout the past fifteen days it has struggled to breakout about the key resistance levels. The value of other cryptocurrencies such as Ethereum (ETH) and TRON (TRX) has surged because of their scheduled product launches.
The price of TRON has also increased dramatically on the day following the introduction of BitTorrent token. BitTorrent is a native cryptocurrency which is launched on the TRON blockchain network. According to the official whitepaper of the BitTorrent,
“Optimizing the existing BitTorrent protocol is an obvious first step in the introduction of a cryptographic token but it barely scratches the surface of what is rapidly becoming possible.”
A hard fork on the Ethereum blockchain, Constantinople is set to execute between 14th and 18th January. Because of the much awaited Ethereum hard fork, the price of the hard fork has almost doubled since December last year.
Though the crypto market has changed the trend many crypto analysts believe that crypto market will undergo another major correction phase before moving in the several months’ consolidation period and accumulation phase. Till that crypto market is likely to move in a narrow price range and will unable to initiate large price movements. Though cryptocurrencies such as TRON and ETH could show upward price movement because of the anticipated product launch. Because of the low volume, most of the cryptocurrencies will likely show stability.
According to the vice president at Digital Currency Group, Travis Scher 2018 was full of surprises. He said that,
“This is the most consistent industry trend I’ve seen over the years. Blockchain is super sticky — once you’ve gone full-time crypto, every other sector seems boring. Like every other year in blockchain, 2019 will be volatile, entertaining, and full of surprises.”
He believes that neither companies nor individuals are willing to exit from the cryptocurrency space and they are waiting for the end of crypto winter.