TRON price (TRX/USD) surges to five-month high on Wednesday

The TRON price (TRX) has seen significant gains on Wednesday, building on its strong performance during yesterday’s session.

The digital coin enjoyed a strong rally on Tuesday, which allowed its price to rise to a near three-month high of $0.0266 during the late morning session. More importantly, the coin largely managed to defend its gains in the afternoon and eventually finished the session at $0.0263. This was well above its opening level of $0.0237.

Today’s session started slowly, with TRON hovering just above the $0.0266 mark. However, at around 08:30 TRX saw a big spike that propelled its price above the $0.027 mark. From there the coin continued to advance until it reached a high of $0.0284 in recent trading. This was TRON’s highest price level in nearly five months, according to data from digital currency tracker Coinmarketcap.

TRON’s resurgence follows last week’s news that BitTorrent, the peer-to-peer file-sharing company that BitTorrent was acquired by Tron in June 2018, is launching its own TRON-based crypto token. The new cryptocurrency, dubbed BitTorrent Token (BTT) will allow BitTorrent users to incentivise other users of the service to keep more files available to the network. The move was recently praised by Changpeng Zhao, the founder of the world’s largest crypto exchange, Binance.

“The grandfather of Dapp[s] finally finds its decentralized currency and business model. Should be a very interesting case study,” Zhao said on Twitter over the weekend.

BTT will be available to BitTorrent users outside of the US through Binance Launchpad.

In today’s trading, the TRON price stood at $0.0280, as of 15:4 GMT. The digital coin has gained just over 7% in the past 24 hours, which makes it by far the best-performing asset in the crypto top 10. The coin’s total market cap currently stands at $1.87 billion, recent market data shows.