Tron surpasses BSC in terms of TVL: Will this allow TRX to soar higher?
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Tron has overtaken BSC to become the second-largest blockchain in terms of Total Value Locked (TVL).
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The TVL on Tron stands at $4.1 billion, behind Ethereum with $23 billion.
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TRX could rally higher soon following this latest development.
Tron surpasses BSC in terms of TVL
DeFiLlama, a DeFi analytics platform, revealed on Tuesday, that Tron had surpassed the Binance Smart Chain (BNBChain) in terms of Total Value Locked (TVL). This latest cryptocurrency news means that Tron has become the second-largest blockchain in terms of TVL, behind Ethereum.
After experiencing a 19% drop in TVL within a month, BSC has been overtaken by Tron as the second largest blockchain in terms of TVL pic.twitter.com/C3mUV7hVL7
— DefiLlama.com (@DefiLlama) January 3, 2023
The TVL on Tron stands at $4.1 billion, while that of BSC stands just above $4 billion. TRX, the native coin of the Tron blockchain, is up by less than 1% in the last 24 hours.
At press time, the price of Tron stands at $0.0551. The broader crypto market is currently outperforming TRX. the total crypto market cap currently stands at $819 billion, up by more than 1% so far today.
Bitcoin continues to struggle to move past the $17k resistance level, while Ether is trading at $1,250 per coin.
Key levels to watch
The TRX/USD 4-hour chart is bullish as Tron has performed well over the last seven days. The technical indicators show that TRX could rally higher soon.
The MACD line is within the positive zone, indicating that the bulls are currently in control of the TRX market. The 14-day RSI of 51 shows that TRX is within the neutral region but could enter the overbought area if the coin embarks on a rally.
If TRX embarks on a rally, it could move past the $0.05693 resistance level over the next few hours. Unless it gains support from the broader crypto market, TRX could struggle to surpass the $0.05856 resistance level in the near term.
Where to buy Tron now
Binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
eToro
eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in.
It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest.
eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.
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