A digital coin worth about a dime a day ago has doubled in price and entered into the top 10 cryptocurrencies at number eighth.Tron climbed 112 percent on Thursday to 20.5 cents, according to CoinMarketCap. The website shows that the TRON’s latest gain gave the coin a market capital of $13.5 billion, greater than that of Litecoin and just behind that of another coin, stellar.Litecoin had recovered eighth place by midafternoon Thursday.
Tron’s gains followed a tweet from its founder Justin Sun early Thursday that stated that the company “will announce our partnership with a very prestigious public company next week.”Sun tweeted later in the day that the news would come in a live stream event on “January 6th 10 am GMT+8 Beijing time.”
Below is a graphical representation of Tron’s 30-days performance.
The company is focused on creating a blockchain-based platform for monetizing digital entertainment. Some of the investors listed on their website include big-names in Chinese business today, such as Wei Dai, a founder of bike sharing company.
Tron’s sudden increase follows a pattern of the last few weeks in which many lesser-known cryptocurrencies have dramatically climbed into the list of the top 10 cryptocurrencies by market capital.Ripple has soared more than 1,000 percent in the last month into second place. In just the last week, stellar has leaped more than 300 percent, climbing into the top 10 coins and rising as high as sixth place.
Bitcoin the most well-known and largest digital currency has gained 1300% over the last 12 months to near $15000.According to CryptoCompare much of the buying in the smaller cryptocurrencies is coming from the bitcoin holders.About 79% of Tron trading volume was in Bitcoin and 19% in Ethereum.
CoinMarketCap data show Tron began trading in September at a tenth of a penny.The price of Tron is up 480 percent in the past week and nearly 10,000 percent in the past month. Tron ’s market cap now stands at a staggering $13.8 billion.