This analysis provides an overview of how Bitcoin (BTC), Ethereum (ETH), Cardano (ADA) and TRON (TRX) have fared and how they will behave from now on.
To give you a rough idea of how the cryptocurrency market is doing today, 18 of the top 20 cryptocurrencies (by market value) are currently in the red (against the dollar).
All market data used in this article was obtained around 9:00 am on February 24, 2020 at CryptoCompare, which also provided the price charts shown in this article.
BTC-USD is trading at $ 9,763. This means that the price of Bitcoin has been below the $ 10,000 level since February 20. Still, Bitcoin still managed to gain + 37.60% against the US dollar in the year to date.
As to why Bitcoin is having trouble breaking through the $ 10,000 level, one theory is that Bitcoin is currently being seen more as a “risky” asset; another is that Bitcoin whales are manipulating the market.
ETH-USD is trading at $ 269.94. Although ETH-USD has fallen 0.92% in the last seven days, in the year to date, it increased + 103.37%.
ADA-USD established a six-month high on February 14, when it reached $ 0.07083. Since then, it’s been going downhill.
Although the 7 and 10-day images look bad, Cardano’s return on investment (ROI) numbers (against USD) for the 30-day and 90-day periods are good, with + 36.99% and + 60.44% , respectively.
On February 21, IOHK tweeted that the Cardano network had successfully performed a scheduled network update (a hard fork) to bring Ouroboros BFT (a new consensus mechanism):
The Ouroboros BFT update went through successfully, a really positive next step in the development of the Cardano platform. Thanks to the hard work of all of those involved at IOHK, and we are looking forward to the exciting months ahead. #Cardano #CardanoCommunity
– Input Output (@InputOutputHK) February 21, 2020
The update of Ouroboros BFT was successful, this was a really positive step in the development of the Cardano platform. Thanks to the hard work of everyone involved at IOHK, we are looking forward to the exciting months ahead. #Cardano #CardanoCommunity
TRX-USD is trading at $ 0.0204, which means that TRON is currently the 16th most valuable cryptocurrency by market cap.
TRX-USD has dropped -6.35% in the last 7 days, but so far in 2020, it has increased + 54.45%.
Earlier today, in an article for Coindesk, Alexander S. Blum, chief operating officer at crypto finance company Two Prime, wrote:
“Seen through the eyes of traditional finance, TRON is acting in a very predictable way. It is acquiring more market share through the acquisition of weakened competitors, such as BitTorrent, and its networks while promoting its retail financial product. They are performing a balancing act between a financial product and a technician …
“Justin is leading TRON as a for-profit business very well. Why does this irritate many developers? For those in the Western world who are hating TRON, it is worth reflecting on how deeply elitist it is to judge from a position of pure technical idealism …
“The emergence of TRON in highly competitive Asian markets is commendable. They are pioneers in a new business model and create wealth from nothing because they focus on what works today. Its users share the company’s pragmatism. TRON, EOS and Ripple are pioneers in community-centered financial products, which offer interesting new models for wealth creation “.