TRON (TRX) has seen a sharp increase of 24% in the last 24 hours. As a result, the digital currency was again in the top ten of the CoinMarketCap ranking. According to analysts, two factors determined the increase in the price of TRON (TRX).
At the moment, the average TRON (TRX) exchange rate is about 0.02 dollars (USD). Considering that the TRX exchange rate has increased by 23.57% in the last 24 hours and by 30.84% in the last week, we can safely say that this is a great reason to be satisfied with this digital currency. Due to the increase in both parameters, TRON managed to return to the top ten of the CoinMarketCap ranking.
As you can easily guess, Justin Sun boasted of this fact among his supporters, who responded enthusiastically to this news.
What is the reason for the sudden increase in the price of TRON (TRX)?
Many investors believe that the change in China’s attitude towards both blockchain technology and digital currencies has contributed to the increase in the TRON (TRX) exchange rate. Last Saturday, the National People’s Congress of China passed a law on cryptography. The document is to be effective from January 2020. It is worth noting that the new law is to encourage both research and development of the cryptographic industry in China. Xi Junping, the President of the People’s Republic of China himself, is also in favour of China starting to use the potential hidden in blockchain technologies.
It is also worth bearing in mind that China is consistently striving to achieve all of its earlier objectives. According to well-informed sources, Chinese officials are removing all unfavourable comments aimed at both blockchain and digital currencies. China, famous for its censorship, has also this time applied censorship to all comments with a negative impact on the above mentioned topics.
The second factor that may determine the price increase of the digital currency TRON (TRX) is undoubtedly a consequence of Justin Sun himself publishing information about his close cooperation with a mysterious large corporation. The aim of this cooperation is to make TRON (TRX) world-famous. Many people speculated that it was most likely Samsung. However, we cannot ignore the fact that the above-mentioned event coincided with the communication sent by the People’s Republic of China to exploit all the advantages associated with and flowing from blockchain technology. In our view, this is no coincidence. And what do you think?
Chinese digital currency prices in an upward trend
Due to the overwhelming euphoria in the People’s Republic of China, other digital currencies have also seen significant increases in exchange rates. One example is NEO, known as the Chinese equivalent of Ethereum. The digital currency has seen a 25% increase. The information provided by the Binance crypto-currency exchange shows that about 25 currencies recorded double-digit growths.
According to Luke Martin, however, this is not the end of the TRX pump. His analyses show that the cryptocurrency exceeded the technical level of puncture. The price of TRON is likely to increase to 280 or even 300 satoshi.