It’s a red Monday for crypto, as Bitcoin (BTC) drops below $3500, pulling the rest of the market with it. This dump seems to have hit Tron (TRX) too, the crypto that has been bullish for several weeks now, and had broken away from the rest of the market. At the time of writing, Tron (TRX) is down by 8% on CoinMarketCap. In spite of this, Tron still remains one of the most bullish coins out there.
One reason for this is the Bittorent token (BTT) launch. While the much anticipated BTT token airdrop has played a role in driving up demand for Tron (TRX) in the past week, it could still anchor the long-term demand for Tron (TRX). That’s because, Tron (TRX) will be the bridge currency for BTT since it will running on the Tron network. As such, for anyone looking to sell BTT, they will have to go through TRX first. The implication is that, it will significantly drive up the demand for Tron (TRX), and by extension its value. There is a good reason why this will drive up TRX, and that’s the real demand that Bittorent has.
While the BTT token is new, Bittorent has been in existence for years, and it’s a huge success. It has over 100 million users, all sending and receiving files through the P2P network. Now that there is a monetary incentive to it, the number of users for Bittorent will grow as well. The result is that, demand for BTT will grow, and its trading will drive up demand for TRX. As such, Bittorent could be a key value anchor for Tron (TRX) going into the future. It could act as a major value support that would ultimately drive up its value in the long-run.
But there is more to Tron than just Bittorent. The Tron (TRX) network is slowly taking over the Dapps ecosystem. Tron Dapps usage is among the highest in the crypto ecosystem. This is an indicator that more developers are willing to use the Tron blockchain in developing their Dapps. It is a pointer to the efficiency of the Tron blockchain. With Tron Dapps on a growth path, the intrinsic value of the Tron blockchain will grow, and so will the value of the Tron (TRX) token. In fact, positive growth in the Tron (TRX) ecosystem will ultimately drive up demand for Tron (TRX) in the long-haul.
Then there is the aspect of marketing. Justin Sun is loved and hated in equal measure for hyping up Tron (TRX). However, no matter what emotions his moves elicit, the fact remains that Tron (TRX) is working. The more Justin Sun pushes Tron (TRX), the more visibility it gains in the market. This means that in the long-run, Tron (TRX) will be one of the better-known projects out there, once blockchain truly goes mainstream.
With such prospects, Tron (TRX) comes off as one of the best projects in the market. Tron outpacing its all-time highs in the future is a real possibility.