TRON price (TRX/USD) edges lower on Tuesday morning

The TRON price (TRX/USD) has seen a significant correction after rising to a one-week high on Monday.

TRON enjoyed some very positive price action on Monday morning, as its price surged to a one-week high of $0.0286, according to data from digital currency tracker Coinmarketcap. Despite experiencing a correction in subsequent trading, the coin managed to retain much of its gains in the afternoon portion of the session. TRX finished the day at $0.0270, well above its opening level of $0.0254.

The coin saw another spike in today’s early trading, with its price jumping to as high as $0.0275. Unlike yesterday, however, TRON was unable to mitigate the effect of the pull-back that came shortly after its rise had peaked. The coin has since been trading in the negative territory, Coinmarketcap data shows.

While the reason for the coin’s Monday spike wasn’t immediately clear, the increase may have been partly driven by excitement over the performance of the newly-launched BitTorrent Token (BTT). Just over a week after its launch, the BTT price has already increased tenfold, according to market data.

BitTorrent, the peer-to-peer file-sharing company created BTT as means to incentivise users to share more files on its network. The fact that Tron acquired BitTorrent last year likely fuels expectations that the potential success of BTT could also benefit TRX in some way. In addition, BTT is running on the TRON protocol.

BitTorrent sold 59.8 billion BTT tokens Binance Launchpad on January 28, at a listed price of $0.00012 per token. At the time of writing, the BTT was trading at $0,001189, up 61% from the same time yesterday.

In today’s trading, the TRON price stood at $0.269, as of 13:44 GMT. The digital coin has lost 0.15 of its value in the past 24 hours. Its total market capitalisation currently stands at almost $1.8 billion.