Key Points
#Tron has outperformed other altcoins in #BTC , as Kraken expands xStocks to Tron. MetaMask has added #TRX support and increased the adoption rate of #USDT , thereby expanding the user base and trading partnerships.
Justin Sun's TRON [TRX] blockchain continues to make waves not only in price performance but also in major partnerships within the crypto space.
When assessing its ratio changes against Bitcoin [BTC], the altcoin has outperformed other similar currencies.
According to CoinMarketCap data, this altcoin is one of the best-performing currencies this year, with a return of over 115%. Its user growth has been one of the main factors driving its price performance.
That said, Justin Sun is seeking to adjust transaction costs on the blockchain. As the price of TRX rises, transaction fees will also increase.
This will keep TRON competitive in stablecoin issuance, #defi , activities, and tokenization.
TRON has outperformed other altcoins
Evaluating the weekly gains of major altcoins relative to Bitcoin, the chart shows TRON leading at 2.66%.
Following closely are Solana [SOL] and Ethereum [ETH], with an increase of only 1%. Ripple [XRP] saw a change of -2.28% during the same period.
As a result, some users have started to regret not buying TRX during the previous bear market. In this bull market, TRX's returns have reached their highest levels since 2021.
Source: CryptoQuant
In terms of TRX's valuation against the US dollar, the altcoin is trading at $0.35 per Trading View. Since its trading price of $0.24 on July 23, TRX has remained above the trendline support and has rebounded in a timely manner.
After the rebound, the MACD indicator has turned bullish, but the stochastic RSI is still in the overbought territory. However, with the continued growth in user numbers, this altcoin still shows momentum to recover its previous high of $0.37.
Factors driving user growth
User growth is a prominent driving force behind TRON's price increase, thanks to a surge in on-chain activity. Kraken users can now trade xStocks on the TRON blockchain.
Tokenization of stocks on TRON has brought in another batch of traditional market participants. Kraken's tokenized stocks include Apple, Tesla, and others.
Source: X
Additionally, according to CoinMarketCap, TXR is integrating with MetaMask. This will bring in over 100 million users. Recently, MetaMask has also integrated with Sei Network [SEI] and Solana.
Additionally, institutions are heavily relying on the blockchain for transferring USDT. Most USDT is traded on the TRON blockchain, with over $860 million already flowing into exchanges.
Since 2022, this has been the case, with USDT accounting for 61% of TRON's total trading volume.
Source: CryptoQuant
On exchanges, OKX has led the inflow of stablecoins into the network. Bitfinex ranks second, but its actual trading volume is about one-fifth of OKX's.
