TRX Posts Gains While the Rest of the Top 10 Cryptos Slumped

Over the last week, the whole cryptocurrency market has shed around 7% of its collective market capitalization. At the same time, equities are enjoying a relief rally.

One of the projects on the top 10 cryptocurrencies by market cap list that has been hit the hardest is the Ethereum rival, Avalanche. Avalanche’s native token, AVAX, is down 22% over the last week – dropping from $29.55 to $23.01.

Looking at the rest of the top 10 list, Ripple (XRP) is down 7%, Polkadot (DOT) is down 3.3%, and Binance Coin (BNB) dropped by 2.5%, according to data from TradingView compiled by Blockworks. The market leader, Bitcoin (BTC), fell by 4.6% in the same period from around $30,300 to $28,900.

Cardano (ADA), Solana (SOL), and Ether (ETH) all sank more than 12% as well.

While crypto has posted big losses, benchmark equity indices, such as the NASDAQ 100 and the S&P 500, are rising after falling for seven weeks. The tech-heavy NASDAQ was up by 6% last week, while the S&P recovered by 5.5%.

TRON is the only top 10 crypto project, minus stablecoins and wrapped bitcoin, that posted gains last week. Three days ago, TRX was up by 11%, jumping from $0.073 to $0.081. This follows after Justin Sun, founder of TRON, mentioned at the beginning of the month that they would be launching an algorithmic stablecoin. Tether, which is also built on the TRON blockchain, deployed a token tied to the Mexican peso.

Looking at the snapshot of CoinMarketCap, TRX has continued to post gains in the last 24 hours and is up around 3.46%. This takes the price of TRX to $0.08357.

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