As Ethereum & Ripple (XRP) Plunged, Tron the Only Major Crypto Post Gains in October
The month of October saw many altcoins continue to bleed out in price, with ethereum (ETH) and ripple (XRP) each declining by more than 10 percent. After almost ten months of mostly bearish price action in the cryptocurrency space, there was just one crypto token that managed to tread water in October — tron (TRX).
Tron’s [Previously] Volatile Nature
Tron’s October stability comes as a bit of a surprise for a coin that is often volatile. Earlier this year, Finder.com conducted a study ranking the top fifty cryptocurrencies by market cap in order of volatility. For the first two months of 2018, tron ranked as the most volatile.
This past month, tron saw a 30-day change of about one-quarter-of-one percent, with that movement occurring to the upside.
Tron’s Controversial October ‘Partnership’
Tron, along with founder Justin Sun, has been accused of over-hyping partnerships. Earlier this year, CCN reported on a tron partnership with Chinese firm Baofeng that didn’t quite live up to the hype.
Last month, on Oct. 12, founder Justin Sun published a tweet hinting at another future partnership announcement.
Finally, First time to partner with tens of billions USD valuation industry giant. Guess the name 😊#TRON #TRX $TRX
— Justin Sun (@justinsuntron) October 12, 2018
The mysterious partnership turned out to be with cloud computing company Baidu. But according to another report by CCN, tron was only a client of Baidu — not a partner in the conventional sense of the word. It seems as though tron’s Twitter account even removed their tweet announcing the Baidu partnership. A Google search still finds a link for the tweet, but said link leads to a page that seemingly no longer exists and has not been archived by the Wayback Machine.
Tron did have positive developments in October, however, with news of its upcoming decentralized exchange.
“Tron (TRX) fans had reasons to cheer earlier this morning following the release of the dedicated decentralized exchange (DEX) for tron’s TRX-standard tokens” Hacked reported. But according to the same article, this news was overshadowed by a market-wide price downturn.
Altcoins Continue To Bleed
This month also showed XRP down more than 18 percent, and litecoin (LTC) down almost 17 percent.
According to CoinMarketCap data, Verge (XVG) saw price highs over $0.26 during its peak last December. Verge now sits at just over $0.01. According to these numbers, Verge has seen a decline in price of almost 95 percent over the past year.
Amazingly, Ryan Selkis (better known as “TwoBitIdiot”) predicted such numbers in his 95 Crypto Theses For 2018, posted in January during the height of the last bull market. He said:
“There is no rhyme or reason to prices in crypto, and there will not be in 2018. Best to embrace that this will be a sentiment-driven market until the crash. Stay safe and embrace the opportunity to sit on the sidelines and do research! There will be gems to swoop up in the coming 99 percent off sale.”
Featured Image from Shutterstock
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