TRON price (TRX/USD) hits two-month low as crypto sell-off dominates Monday trading

The TRON price (TRX/USD) has tumbled to its lowest level since early January amid a widespread digital currency slump.

The digital coin saw some positive price action on Sunday morning, which allowed its price to top the $0.023 mark. However, the coin ultimately proved unable to sustain a meaningful rally and had to give up its gains after facing some selling pressure in the afternoon. TRX finished the session at $0.0227, down from its opening price of $0.0229.

TRON’s decline accelerated during today’s morning session, as the coin’s performance was affected by a larger cryptocurrency downswing. The coin spent the better part of the morning session moving on a downward trajectory, with its decline culminating in a drop to a two-month low of $0.0210. While TRON has managed to recover some of its losses in the afternoon, it remains deep into the negative territory. At the time of writing, the TRON price was hovering around $0.0215, according to data from digital currency tracker Coinmarketcap.

Apart from the underwhelming market performance of its native token, the TRON blockchain project has enjoyed some positive news, lately. Earlier today, the TRON Foundation captured the second place in the latest crypto rankings report from China’s Center for Information and Industry Development (CCID). Notably, this was the first time the coin had been featured in the report, which makes its feat of surpassing established members of the ranking, such as Ethereum (third place), Bitcoin (13th), Ripple (20th) and Bitcoin Cash (27th), all that more impressive.

In today’s trading, the TRON price stood at $0.0216, as of 16:28 GMT. The digital coin has lost 5.3% of its value in the past 24 hours, Coinmarketcap data shows. Its total market capitalisation currently stands at $1.44 billion.