Trons Transaction Dominance Soars 43%; Whats Next For TRX?
The Tron Network has recorded surging transactions in the last 30 days, increasing its market share. Generally, crypto transactions have soared due to heightened institutional and retail adoption as the price of assets moved near all-time highs. At press time, the crypto market capitalization stands at $2.36 trillion, notching peaks not seen in months. Daily trading volumes accessing the wider ecosystem also topped $87 billion, although the last 24 hours saw reduced figures following a slight price correction.
Tron Leads The Pack
The Tron Network has gained popularity over the years, with transactions soaring in bull cycles. A new report from on-chain analytics firm CryptoQuant shows Tron handled 43% of the total transactions across major networks. This rise among adopters is due to certain factors like cost and efficiency compared to competition. Crypto users factor in cost and efficiency while transacting on-chain, notching positives for the network.
The TRON Network is regaining popularity, as seen in its share of total transactions across major altcoin blockchains, shown in red. Over recent days, TRON has been the leading alt-chain for transaction processing. On October 30th alone, it handled 43% of transactions across major alt-chains.
According to the data, Tron processed 230 million transactions, with a surge on October 24, hitting 10.4 million. This figure places the daily volume 25% above the monthly moving average. Following historical data, Tron is expected to maintain its market lead as it becomes increasingly popular among altcoins.
Whats Next For TRX?
TRX recorded inflows in the last 30 days alongside other crypto assets rallying off the Uptober momentum. The asset trades at $0.167, increasing by over 2% during the week and a 9% monthly jump. However, TRX recorded daily outflows due to the crypto market correction after an attempted rally to new Bitcoin highs. The price of the market leader pushed altcoins higher, leading to a wider global adoption.
This increase aligns with earlier activity in 2024, where TRON often led in transaction volume. However, from August 25th to October 5th, TRONs dominance dipped slightly due to activity on other networks, the report added.
Read more: https://zycrypto.com/trons-transaction-dominance-soars-43-whats-next-for-trx/
Text source: ZyCrypto
