The volatility aspect is perhaps fundamental to the operations of the cryptocurrency market, as a result of which the prices of major coins recorded significant hikes within a short period of time. At press time, Justin Sun’s Tron and the controversial Bitcoin SV were undergoing a significant pump yet again.
Justin Sun’s Tron, which recently stormed into the top 10 cryptocurrencies list on the back of Bitcoin’s rally over $11,000, was surging by a massive 3.68 percent over the hour. The token also experienced a tremendous 24 hr volume period when over $1 billion in trade volume was recorded. The coin was valued at $0.0399 at press time, with a market capitalization of $2.66 billion.
The coin was traded the most on OKEx exchange via the trading pair of TRX/USDT, contributing to 7.80% of the total volume. The exchange was closely followed by BW.com, with a trading volume of 7.37%.
Many in the community speculate that Tron has been pumping consistently owing to recent announcements which include the Warren Buffet dinner, as well as Tron’s cumulative daily transactions overtaking Ethereum’s. Further, the Tron Foundation also launched a version of the Odyssey update on its mainnet recently. Finally, Tron’s pump today may have something to do with it celebrating its Independence Day.
The Craig S. Wright-backed Bitcoin SV also experienced a surge over the past hour, driving up the price to $244.90. The coin recorded a hike of 3.11 percent over the last hour and the market capitalization was placed at $4.372 billion. The 24-hour volume was at a healthy sum of $406 million and the coin was mostly traded on CoinBene exchange via the trading pair BCHSV/USDT.
It was suggested that BSV’s recent surge did not carry any value as it might have been due to major investors dumping the coin after consistent inactivity in the community over the past few weeks. Further, the fact that several major exchanges have de-listed BSV may have contributed to making BSV easier to pump or dump.