TRON (TRX)–As the cryptocurrency markets continue to shed billions of dollars, TRON is the latest coin to suffer from a decrease in value despite positive development for the project.
Last week, the TRON Foundation dropped a bombshell of an announcement that the cryptocurrency would be partnering with one of the world’s most popular torrenting services: BitTorrent. While the news was anticipated ahead of the official confirmation, considering Justin Sun has been tied to the purchase of the peer-to-peer file sharing service since early January, it represented a milestone for the project in terms of what the coin’s community could anticipate on Main Net.
Proud to announce @BitTorrent and @uTorrent are now part of the #TRON family. BitTorrent is supported by over 100M active users. Together we are building the future of the decentralized Internet! Stay tuned for updates #TRONBT $TRX @Tronfoundation https://t.co/mQQqUeOaHv pic.twitter.com/eSYY4lWsXI
— Justin Sun (@justinsuntron) July 24, 2018
While most of the TRON community appreciates the official announcement linking the cryptocurrency to Sun’s purchase of BitTorrent, the market has yet to reflect the acquisition in terms of value. Despite adding over 170+ million users via the decentralized, file sharing application, investors have not flocked to TRON in the way such a high profile merger would seemingly constitute. Instead, TRON’s price has continued to fall with the majority of the market, seeing only a modest bump in price following last week’s announcement, which has already been eroded by the price fall of the last several days.
In addition, TRON’s update of TVM, the TRON Virtual Machine to assist in the creation of smart contracts and independent blockchains, has had little impact upon the price. Despite accompanying an announcement on Monday of Project Atlas, a proposed improvement of TRON’s Main Net to function more efficiently with BitTorrent, the positive development action out of the coin is seeing little reflection in market value.
While most investors in cryptocurrency, particularly those who invest in projects they hope to hold long-term for appreciation, have grown accustomed to the inverse price movement accompanying new development, it does characterize 2018 as a more bizarre year for cryptocurrency. Despite the tanking value of the industry’s market capitalization, 2018 has far and away been a massive year in terms of crypto development and new adoption–across the board of many coins.
Given the reckless investing that capitalized the final quarter of 2017 and opening weeks of this year, total industry fatigue may be leading to investors having less concern over what projects are improving or forming new partnerships, and instead create the conditions for a massive exodus to try and catch the market cap bottom. Bitcoin has continued to hold its sway over industry price movement, with a small rally forming in response to anticipation over an SEC approved ETF. However, following last week’s dismissal of a bid by the Winklevoss twins to form a BTC ETF, the market has taken a decidedly negative stance on crypto in the short-term, again contributing to Bitcoin-imposed volatility on the industry.
Despite the lack of return on value for TRON and TRX investors, the infusion of BitTorrent onto the currency’s network can only be beneficial for the long run. While 2018 represents the piquing interest for crypto projects and blockchain, the latter half of the year and next might transition into a search for legitimate reasons to use crypto. Sun and the TRON Foundation have yet to outline their plan for torrenting on the cryptocurrency’s platform, but they have proposed an intention to incentivize participation. Given the substantial overlap between crypto and torrenting, it seems like there is legitimate room to grow via the BitTorrent merger.