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Tron-issued USDT now stands as the 5th largest stablecoin

Manu Naik

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Source: Pixabay

Even if the Tron Foundation entered the crypto industry fairly late when compared to the others, it has made immense progress. The foundation’s CEO Justin Sun made sure that the network made headlines every now and then, however, that seems to have reduced over the past few days. Despite the plummet in Sun’s announcement, the Tron-issued USDT made its way to the 5th largest stablecoin. Sun shared the same with the community via Twitter and asserted that TRC20 USDT would be the largest stablecoin there exists in the near future.

This, however, seems unlikely considering the 2 billion free float tokens that Ethereum-issued USDT and OMNI-based USDT have. Tron-issued USDT currently has only 200 million tokens, which is scanty when compared to the other two.

Additionally, Malta-based cryptocurrency exchange, Binance seems to hold a large share of  Tron-Tether as it harbors over $150 million of the total tokens. More recently, the Changpeng Zhao led exchange unfroze about 11.9 billion TRX tokens on its platform following this its “Super Representative” status surged for the Tron Foundation

Even though Ethereum seems to have overtaken the Tron with regards to Tether, Tron seems to have dominated the DApp space while ETH and EOS lag far behind. The recent weekly report released by the foundation revealed that the Tron network had recorded about $79 million of the total volume while ETH, as well as EOS, recorded comparatively low volume.

At press time, Tron did not exhibit any positive growth as a decline of 5.05 percent was witnessed. Tron continued its navigation out of the top-1o spot, but the current development may propel the token back into the bracket.

At the time of writing, the Tron foundation’s native token, TRX encountered a 5.05% decline in its price. Along with its price, the relevance of Tron was also seen plummeting as Google Trends revealed that search index score of Tron stood at 36 during the last week. The network garnered a score of 100 during the second week of January this year.

Source: Google Trends

Manu is a full-time journalist at AMBCrypto covering the US and Indian markets. A graduate in engineering, he writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

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Altcoins

Litecoin’s ailing price prepares for breach of descending channel

Namrata Shukla

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Source: Pixabay

Litecoin noted a sharp fall on 15 November, a fall that caused its price to fall from $59.97 to $55.63. This 7.24% fall was followed by the price of the coin climbing up. However, it fell soon after the rise. The price of Litecoin at the time of writing hovered at around $58.07 with a market cap of 3.75 billion, while noting a trading volume of $2.90 billion.

Despite the falling price, however, Litecoin noted the formation of a bullish pattern that might provide a boost to its price.

Short-term

Source: LTC/USD on TradingView

Source: LTC/USD on TradingView

The hourly chart for Litecoin [LTC] saw a descending channel extending along with the falling price. The pattern, characterized by two sloping trend lines, marked the lower highs of LTC at $60.26, $59.16, and $59.03 and lower lows at $59.38, $58.94, and $58.53. As the price remained constricted within the downward trend, a breach in the pattern might lead to the price of LTC surging.

The 50-day moving average underwent a crossover with the 100-day moving average, indicating a bullish move. The 100-day moving average dominated the LTC market for over five days and the coin lost 4.08% of its value. However, with the 50-day MA leading the charge, an upward surge might be coming soon.

Source: LTC/USD on TradingView

Source: LTC/USD on TradingView

The MACD indicator noted strong bearish momentum in the market, as the MACD line remained dormant under the signal line. On the other hand, the Relative Strength Index highlighted a change in tides as the signal line bounced back from the oversold zone and was pointing up.

Conclusion

Litecoin’s falling price might find respite with a breach of the descending channel. However, the coin might undergo further devaluation before it could note a spike.

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Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.