Search ForexCrunch
  • Tron has also dropped two positions according to the ranking on CoinMarketCap.
  • Bitfinex has resumed both withdrawals and deposits for Tron (TRX).

Tron is determined to be a force to be reckoned with in the cryptocurrency market. The project has recently launched its own mainnet which has earned it independence from the Ethereum blockchain.   However, the same cannot be said about Tron price, which has been walloping in bear pressure for a while now. Tron is currently trading at $0.0323, although it achieved highs above $0.040 in the first week of July. Tron has also dropped two positions according to the ranking on CoinMarketCap. It is now ranked 11th digital asset with a market capitalization of $2.1 billion after losing the 9th position to IOTA (MIOTA) and the 10th to Tether (USDT).

Tron is in the middle of token migration to switch the tokens from Ethereum blockchain to Tron blockchain. The migration of Tokens is facilitated by exchanges, besides the users were requested to send there ERC20-based tokens to the exchanges, in return after the switch , they will get an equal amount of Tron based TRX tokens.

Bitfinex has announced that has completed the toke migration for TRX tokens. Furthermore, the exchange has resumed both deposits and withdrawals for the cryptocurrency. The tokens sent to Bitfinex are now switched from being Ethereum tokens to Tron tokens. The exchange also added:

“As the Tron (TRX) migration from ERC20 to its proprietary network has successfully been completed, it is important that all users create a new deposit address and ensure that all future withdrawals are sent to mainnet wallets.”

Other exchanges have also announced that they have enabled TRX deposits and withdrawals. Coinnest, for instance, is among the latest exchanges to do the same. Tron, on the other hand, has a vibrant community, similarly , most of the members continue to express their satisfaction with Tron network’s current developments. A user by the name “Fewcoins” responded to the announcement from Bitfinex saying:

“Tron (TRX) is one of the biggest cryptocurrencies in the crypto market (and stays in the spotlight, always). The worth of the digital asset increased by 2000% in mid-December 2017 to early January 2018. As one can imagine, Tron’s 2000% growth made it…”