The price of Ethereum hits a year down: have the Altcoins dipped themselves before the bitcoin?


Despite having recovered 51% of its value from the August dive, Tron (TRX) is still lagging behind altcoin's competitors. The launch of the Tron Virtual Machine (TVM) at the beginning of September did not record a blip on the performance of the TRX currency, and despite the steady stream of titles surrounding the founder and CEO Justin Sun, the media attention in the end the price of coins did not increase.

Tron (TRX) Recent price performance

Here at the beginning of September, the price movements of the previous month reveal a lot about the broad market sentiment. So how it is, Bitcoin has risen by 11.5% in the last thirty days, going from $ 6,500 to about $ 7,300.

Compare this with Tron's performance in the month and it's easy to see why many are firmly convinced that an altcoin is horizon. TRX is currently down 48% for the month, rising from $ 0.049 to $ 0.0254. This is mostly for the month of August alone, while bringing the marker back in May leaves Tron's cure losses of nearly 75%.

But Tron is not really competing with Bitcoin right now. One could also say that it is not really in competition with Ethereum, but for the sake of comparison we can also use the platform that Tron intends to emulate. The ETH / USD pair is down 26% for the month, with an ETH priced at $ 385 at the beginning of August. This means that Ethereum, despite its problems, is currently recovering almost twice the rate of Tron.

Other altcoins are outperforming both Ethereum and Tron, with Ethereum Classic (ETC) only with losses of 5% for the month. Ontology (ONT) has earned 4% for the month, while VeChain (VET) is currently up 30%. All of these alts were affected by big news in August, with the addition of Ethereum Classic to Coinbase, VeChain, who led his long-awaited token and Ontology exchange live on a blockchain after his departure from Ethereum.

TRX / USD Early growth?

The latest cycle of TRX PR material has focused strongly on comparing Tron with its larger competitors. As Justin Sun tweeted on September 1:

"$ TRX started in August with only 30,100 transactions per day, by the end of the month the average. number of daily transactions was about 1/3 of $ ETH . # TRON is the fastest growing coin, this missile does not stop for anyone. "

Likewise, before today Sun tweeted that the Tron accounts on the mainnet have now exceeded the number on EOS – a coin with more than twice the market capitalization

So Sun could have a point where he states that Tron is the fastest growing currency, at least in terms of subscriptions to the main network. The increase in transaction numbers will have been facilitated by the recent launch of the twitter-encrypted tool, Seedit, but ultimately the volume of transactions does not necessarily translate into a performance bond on the market. Just see Dogecoin for an example of this.

And this seems to be Tron's problem at the moment, despite being one of the most talked tokens on Twitter, the chatter has not translated into an increase in sentiment.

Featured image courtesy of Shutterstock.

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