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Faltering Bitcoin Gives Tron Space To Regain Lost Position

Tron

Over the last few months, the crypto markets were dominated by Bitcoin’s bullish run which saw the leading crypto trade well above $10,000. While Bitcoin was performing so well, other cryptocurrencies were struggling to keep up with it.

Tron’s woes

One of the cryptos which has been struggling over the last month or so is Justin Sun’s Tron. Tron has been marred by a series of negative news which has affected the company’s position against Bitcoin on the markets.

Tron made the headlines after a video of police at its headquarters surfaced on Twitter. The reports that came with the video stated that Tron’s offices were being raided on the accusation that the company is running a scam. The rumors were dismissed but the damage had already been done as Tron fell on the markets against Bitcoin.

After that incident, Tron’s Chief Executive Officer, Justin Sun, canceled his $4.6 million lunch with Warren Buffet. After Sun had touted this lunch and even invited President Trump in a bid to educate the American President on cryptocurrencies, canceling it fueled the rumors that the CEO and his company were in trouble with the law. Many people on social media speculated that Sun was being held by Chinese officials on allegations of money laundering and illegal fundraising.

Bitcoin losing momentum on its powerful run

Sun and his company may find comfort in the fact that Bitcoin seems to have reached its top and is losing its momentum. Participants in Bitcoin trading were hoping that the cryptocurrency would get support at $10,000 which would help the coin potentially rise above $14,000.

Bitcoin seems to be sealing $10,000 as its point of resistance as it is struggling to stay above this mark. Adding to this struggle, Bitcoin volumes have dwindled since July and this is an indication that traders’ interest in buying Bitcoin at its current level has gone down. Bulls seem to be holding onto the coins in their Bitcoin wallets as they wait to see which direction the markets will take over the next few weeks.

To add to this, the current monthly time frame shows that Bitcoin is almost overheated. This means that right now, Bitcoin is overvalued and this lowers the possibility of bulls moving to buy Bitcoin. In fact, predictions are that there will be more selling of Bitcoin over the next few weeks as sell pressure elevates.

Tron could capitalize

For the first time in months, Tron is reflecting green against Bitcoin. Traders may be looking to put money in altcoins as the leading cryptocurrency falters on the markets. As Tron potentially makes its way up the ladder once again, it is a good time to consider entering the market to buy Tron.

The negative news around Tron is dying down and it could not have happened at a better time for the cryptocurrency. Tron will be looking to gain its lost position on Bitcoin and begin trading in the green once again.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.