Tron Passes Cardano, Open Interest Up 52%, What’s Next?
In the cryptocurrency landscape, most of the top cryptocurrencies including Bitcoin (BTC) and Ethereum (ETH) are steadily declining due to the current bearish market sentiment. Amidst this fall, Tron (TRX) has been making waves with its impressive performance in recent days and is outperforming Cardano (ADA).
Tron (TRX) is better than Cardano (ADA).
Although other cryptocurrencies are struggling, TRX is the top cryptocurrency to experience a significant price increase of over 13% in the last 7 days. With this impressive price increase, TRX's market cap has now reached ADA $12.34 billion. Over the past 7 days, ADA has lost more than 23% of its value, which has sadly reduced its market cap to $12.12 billion.
TRX price analysis
However, on August 20, 2024, TRX continued to rise. At the time of writing, TRX is trading around $0.142 and has experienced a price increase of over 5.5% in the last 24 hours. Meanwhile, the transaction volume increased by 140 percent. This increase in trading volume reflects the high participation from traders in Tron (TRX).
Increase open demand
In addition, open demand for TRX has also increased by 52% in the last 24 hours, which may be behind the recent price increase. This increase in open demand suggests that investors' attention has now shifted to TRX and this trend is likely to continue in the coming days.
TRON Price Prediction August 2024
According to expert technical analysis, TRX looks bullish and is now heading towards the highs. After BTC, TRX is only one of the few major cryptocurrencies to reach near all-time highs. If TRX closes the weekly candle above the $0.15 level, there is a strong possibility that it will experience higher momentum in the coming days.
The reason behind this significant price rally is the recent launch of Justin Sun's new platform, SunPump, a decentralized platform that allows users to create meme coins on the Tron blockchain. This platform was launched as a direct competitor to Solana's “Pampfun” token generator.
