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Tron (TRX) Sees 29 Percent Price Boost, Reclaims Its Spot in Top 10. Here's the Reason Why

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Mon, 10/28/2019 - 05:53
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Alex Dovbnya
Tron (TRX) storms back into the top 10 with a massive 29 price increase
Tron (TRX) Sees 29 Percent Price Boost, Reclaims Its Spot in Top 10. Here's the Reason Why
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According to data provided by CoinStats, Tron (TRX) is now among the top 10 biggest coins by market capitalization after its price surged by a whopping 29 percent. 

Tron CEO Justin Sun swiftly took to Twitter to share this exciting news with his 1.9 mln followers.

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The great China pump

On Oct. 25, President Xi Jinping claimed that China should capitalize on the disruptive technology despite the country's hawkish attitude towards cryptocurrencies.  

Subsequently, a slew of Chinese coins has exploded in value over the last 24 value due to excitement around China's embracement of Blockchain. 

As reported by U.Today, the price of NEO, which is often called the "Chinese Ethereum" skyrocketed by 45 percent, but some other coins of Chinese origin ended up overperforming it. Overall, there were more than 25 Bitcoin pairs with double-digit gains on Binance with Ontology (ONT) leading the pack. 

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What's next for Tron?

Cryptocurrency trader Luke Martin suggests that the pump might not be over for Tron just yet. The coin has already surpassed the technical breakout level, so Sun might keep the momentum going with a loud announcement to push the token's price to the 280-300 satoshis area.  

Last week, Sun made waves on Twitter by claiming that Tron would ink a partnership with a "megacorporation" that will distribute TRX to "billions" of customers. Many community members suggested that it could be a hint at South Korean technology behemoth Samsung. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.