- TRX has hiked by over 19% in the last three months alone
Number of HODLers also increased, dominating other holders
As a seasoned analyst with over two decades in the financial industry, I’ve seen my fair share of market trends and fluctuations. However, TRON (TRX) has managed to catch my attention with its impressive performance this year. With over 19% hike in just three months, it’s hard not to notice such a significant uptrend.
This year, TRON (TRX) has shown exceptional growth, resulting in a substantial increase in its market value. The increased investor interest and impressive performance of TRX have fueled its rise, propelling it forward.
Additionally, it’s worth noting that there’s been an increase in the number of long-term investors holding TRX. This rise in long-term investors suggests a bullish trend.
TRON remains bullish
An analysis of TRON (TRX) revealed that it has seen some downtrends over the last two days. On the daily price chart, TRX was valued at around $0.151 at press time, following a marginal decline of less than 1%.
Over the past three months, there’s been a strong upward trajectory for TRX. In fact, the price range indicator shows an impressive 19% increase since July. Furthermore, the Relative Strength Index (RSI) consistently stays above the neutral zone, implying that despite temporary declines, TRX is still in a bullish phase.
Even during these periods of decline, the number of long-term investors has persisted and even increased.
Long TRX holders accumulate more
A review of the holder distribution chart on IntoTheBlock indicates that TRON (TRX) has experienced a significant rise in long-term investors (HODLers) during the past several months. As per the data, in April 2023, these HODLers outnumbered other categories and have maintained this lead ever since.
Currently, there’s been an significant increase in the number of long-term holders, reaching approximately 90 million – a staggering 237% rise from the same period last year. This substantial growth indicates a rising level of trust among TRX investors who are holding onto their assets for the long haul.
Furthermore, it was found that over 95% of TRX owners are currently in a profitable position due to the current price point. This high level of profitability among the holders serves as another positive indicator, suggesting that many investors have experienced profits from their investments and may be encouraged to keep holding onto their TRX.
How TRX’s market capitalization has trended
A major factor fueling the rise in long-term TRON (TRX) holders is their optimistic outlook on a potential price surge in the future. The trend appears to align with this view, as TRX has demonstrated substantial growth not only in its value but also in market capitalization during the last few years.
As reported by CoinMarketCap, Tron’s (TRX) market capitalization was approximately $7 billion in September last year. However, at the current moment, its market cap exceeds $13 billion, placing it close to entering the crypto-market’s top ten.
Over time, the continuous increase in Tron’s market value, combined with optimistic expectations about its future potential, has strengthened the conviction of long-term investors that Tron could still experience additional price increases down the line.
Due to this conviction, there has been an increase in the number of people who own these assets, intending to profit from potential increases in value in the future.
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2024-09-14 00:07