Yesterday, Tron (TRX) shot up from a low of $0.032 to over $0.04. In the day, it has eased by few percentage point, but it’s overall bullish. This indicates that Tron (TRX) is finally catching up to the bullish fever that has hit bitcoin (BTC) in the last couple of days. It also goes to show that investors are also hedging their bitcoin bets on good quality altcoins that have some strong fundamentals backing them up. The only question at this point is, what will happen to Tron (TRX) if the much awaited bitcoin (BTC) ETF is not approved?
Well, there is a good chance that Tron (TRX) will thrive regardless of how the bitcoin (ETF) turns out. Let’s look at a few scenarios that validate this analogy. The first scenario is where the bitcoin ETF gets approved and bitcoin continues to exponentially gain in value. In such a scenario, chances are that it will pull up the altcoins market with it. We can already see that happening as more altcoins are now in the green, an indication that they are catching up to the bitcoin driven rally. Therefore, if this momentum were to continue, chances are that the altcoins market will gain more steam to make even bigger gains. In an altcoin rally, its cryptos like Tron (TRX) that stand to gain the most based on their strong use case and outstanding features.
The second scenario is where the bitcoin ETF is rejected. If that were to happen, there is a good chance that bitcoin would give up most of the gains it has made so far. But that would affect altcoins too, right? Most likely not, if anything, there is a good possibility that good altcoins would moon. That’s because the reason why bitcoin’s dominance has been rising is an increased outflow of money from altcoins into bitcoin. Essentially this means that people have been selling their good projects to take advantage of the bitcoin rally. If that rally happens to be short-lived, that money is likely to flow back into good altcoins. As such, the prices may dip for a short-time, but after that, they would stabilize as investors reposition back into projects whose long-term fundamentals give them an edge in the market.
One project that has the fundamentals to attract investments in case the bitcoin ETF is not approved is Tron (TRX). Tron recently launched its main net and is now operating on its own blockchain. This gives it the capacity to draw-in Dapps developers since it is fast, scalable and has extremely cost-effective. This makes it a good landing point for crypto investors looking for great altcoins, if bitcoin (BTC)’s dominance declines again.
In essence, Tron (TRX) is in a win-win situation no matter what happens to bitcoin with regards to the bitcoin (ETF). Besides, it is still trading way below its all-time highs, which means it still has room to grow. With its fundamentals far much better than 2017, Tron (TRX) is highly likely to outpace its 2017 all-time high. It has the potential to hit $1 within the year.