Market Watch: TRON (TRX) Soars 10%, BTC Still Stuck in the Same Range

After another price dip to sub-$37,000 levels, bitcoin went on the offensive and jumped to almost $39,000. Most of the altcoin space seems untypically calm, with Tron being among the very few impressive gainers after a 10% price surge.

Bitcoin Eyes $39K

After last week’s unsuccessful venture above $40,000, in which BTC spiked north of that level twice but was rejected violently, the cryptocurrency has remained well beneath that coveted line.

Moreover, the bears have had almost complete control over the market and didn’t allow BTC to initiate any run-ups. Just the opposite, they pushed the asset south, and it fell below $38,000 on a few occasions.

The last one came 24 hours ago as bitcoin declined to a daily low of $37,500. Nevertheless, BTC reacted well to this price decline and started regaining value somewhat rapidly.

In a matter of hours, it jumped by over $1,000 and neared $39,000. It sits close to that level as of writing these lines, which means that its market capitalization has gone up to $740 billion.

BTCUSD. Source: TradingView

TRX Adds Double Digits

After the recent price fluctuations, most of the alternative coins have calmed in the past two days.

Ethereum went from a local peak of $3,000 to a multi-week low of around $2,700 but reclaimed some ground and now stands at $2,850. Binance Coin has failed to reclaim $400 and sits just under it.

Ripple, Solana, and Dogecoin are slightly in the red, while Terra, Cardano, Polkadot, Avalanche, and NEAR Protocol have produced minor increases.

Tron is the most substantial gainer from the larger-cap alts. TRX is up by more than 10% on a 24-hour scale and trades close to $0.08.

As most alts have failed to register any substantial price moves in either direction, the cumulative market cap sits still as well at around $1.750 billion.

Cryptocurrency Market Overview. Source: Quantify Crypto