Tron’s TVL growth outperformed most of the top networks except Ethereum. TRX is boosted as the bullish outcome on July 13 pushed its market cap to a new monthly high.
We recently examined how the Tron blockchain has tapped into growth through stablecoins. The growth of the network has attracted a lot of liquidity and this was evident in the TVL growth in recent months.
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A recent analysis of the top blockchain networks based on Total Value Locked (TVL) revealed that Tron had the second highest TVL in the first half of 2023. According to the analysis, it outperformed all other networks except the Ethereum blockchain , which is the leading network in TVL.
Besides Ethereum, here are the top 10 blockchains with the highest TVL in H1/2023
— Coin98 Analytics (@Coin98Analytics) July 13, 2023
Tron’s TVL hovered around $5.79 billion at the time of writing. A significant improvement from the lowest YTD level of just over $4 billion. However, this was still lower than the all-time high of $6.7 billion in November 2021.
Judging Tron’s last performance
Tron’s TVL reflected the strong and consistent growth we’ve seen over the past few months. In comparison, the number of users on the network passed the 1 million mark in July 2021. The latest data showed that as of July 2023, this figure reached more than 2 million users.
The healthy growth has undoubtedly trickled down to Tron’s proprietary cryptocurrency TRX. This was evidenced by the market cap which just hit a new monthly high of over $7.3 billion. This means that the market cap has grown by about $1 billion from its lowest level in the past four weeks.
The recent bullish volume helped the recent market cap over the last 24 hours. This was well represented by the rising volume surge following the Ripple news. TRX has been on a steady uptrend since the second week of June after bouncing off a long-term rising support level.
TRX recovered by more than 5% on July 13 and approached its peak in June. By surpassing this level, TRX can reach a new high in 12 months. This rally came after Ripple won its legal battle with the SEC. A victory that resulted in a resurgence of buying pressure in the crypto market.
Read Tron TRX price prediction for 2023/2024
While the bullish outlook is high as market conditions improve, it is worth noting that overbought territory is approaching. This means it is likely to experience strong selling pressure due to short-term profit taking.
This post Tron’s TVL skyrockets, but is TRX in sync after this latest development?
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