Tron, a decentralized app platform looking to rival ethereum, has leaped higher over the last 24 hours, adding more than 10% and making the top 10 cryptocurrency worth more than $2 billion in total for the first time since August.
The tron price has now passed both litecoin and stellar after a strong few months to take the seventh spot in the rankings of world’s biggest cryptocurrencies by market capitalization, according to CoinMarketCap, which tracks most major digital tokens.
Tron has outperformed both Bitcoin and the U.S. dollar over the last month, with its price climbing over 130% since its bull run began in mid-December.
Tron is however down by some 90% since its all-time high 12 months ago, which saw it propelled to an eye-watering market capitalization of more than $16 billion by Bitcoin and the wider cryptocurrency market’s massive 2017 bull run.
Tron’s recent price rally has been put down to a rise in the use of tron blockchain protocol for DApps, while it has been further boosted by the upcoming BitTorrent token sale, which will begin tomorrow and run until February 3. There will be two sessions of the token sale whereby investors can use either tron or binance coin to purchase BitTorrent tokens.
Tron holders will also receive BitTorrent tokens in a so-called airdrop, with the first tranche expected in early February. BitTorrent is a professional version of the file-sharing software features unlimited downloading with ﬁle conversion, anti-virus, and an HD media player.
Meanwhile, the tron price has been sent higher by analysts at Weiss Ratings, who hailed tron’s popularity.
“We might give tron a hard time every now and then, but give credit where credit is due: The TRX/USD pair is the most bullish looking chart of any top 10 project right now,” Weiss Ratings said, via Twitter. “The popularity of this project cannot be denied.”
Elsewhere, Brock Pierce, co-founder of crypto-focused venture capital firm Blockchain Capital, has said that EOS, another ethereum rival, and tron are thriving based on the number of decentralized applications and active users on the two smart contract blockchain protocols.
The tron blockchain platform, led by sometimes controversial chief executive Justin Sun, is aiming to unseat ethereum as the biggest platform for decentralized applications and is seeing daily volumes of $400 million, up from just $200 million just a few days ago.
Meanwhile, Bitcoin and the wider cryptocurrency market continues to stagnate, with traders and investors looking for any signs of institutional support, regulatory updates, or app development as a reason to buy or sell.
“When you have a news story that highlights a development, it can cause these sudden leaps [for the likes of tron and other smaller digital tokens],” Mati Greenspan, senior market analyst at broker eToro said previously.
“What we’re seeing now is the effect of a flat market—the overall sentiment noise is dying down so individual token developments are getting more attention,” Greenspan added.