Tron’s TVL skyrockets, but is TRX in sync after this latest development?
- Tron’s TVL growth outperformed most top networks apart from Ethereum.
- TRX receives a boost as the bullish outcome on 13 July pushed its marketcap to a new monthly high.
We recently looked into how the Tron blockchain has been tapping into growth through stablecoins. The network’s growth has attracted a lot of liquidity and this was evident through its TVL growth over the last few months.
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A recent analysis looked into the top blockchain networks by total value locked (TVL) revealed that Tron had the second-highest TVL in the first half of 2023. According to the analysis, it outperformed all other networks except for the Ethereum blockchain which was the leading network in terms of TVL.
Besides Ethereum, here are the top 10 blockchains with the highest TVL in H1/2023Advertisement
— Coin98 Analytics (@Coin98Analytics) July 13, 2023
Tron’s TVL hovered around $5.79 billion at the time of writing. A significant improvement from its lowest YTD level of just over $4 billion. However, this was still lower than its $6.7 billion all-time high peak in November 2021.
Assessing Tron’s latest performance
Tron’s TVL reflected the strong and consistent growth that we have seen over the last few months. For perspective, the number of users on the network crossed the 1 million mark in July of 2021. The latest data revealed that this figure reached more than 2 million users as of July 2023.
The healthy growth has undoubtedly trickled down into Tron’s native cryptocurrency TRX. This was evident from its marketcap which just reached a new monthly high above $7.3 billion. This means its marketcap has grown by roughly $1 billion from its lowest level in the last four weeks.
The recent bullish volume aided the recent marketcap push in the last 24 hours. This was well represented by the bullish volume surge following the Ripple news. TRX has been on a steady uptrend since the second week of June after bouncing off a long-term ascending support level.
TRX bounced back by over 5% on 13 July and was seen approaching its June highs. Surpassing this level will allow TRX to push into a new 12-month high. This rally occurred after Ripple won its legal battle with the SEC. A win that resulted in a resurgence of buying pressure across the crypto market.
Read Tron TRX price prediction for 2023/2024
Although its bullish prospects are high now that market conditions are improving, it is worth noting that it is approaching overbought territory. This means it is likely to experience a surge in sell pressure due to short-term profit-taking.