There have been a few surprises for the cryptocurrency sector already in 2021. Along with some record-breaking price runs for the likes of Ethereum and Bitcoin, several altcoins have ascended the rankings and firmly established themselves as serious investment opportunities.
The impressive performance of the cryptocurrency market as a whole has seen renewed interest in some of the ‘outsider’ altcoins, such as Tron, as many investors are speculating that these could be primed for significant growth as the major tokens start to flatline.
Tron presents an especially interesting investment opportunity as many crypto observers believe the token has yet to receive its potential as a digital content sharing platform. However, a spate of celebrity endorsements together with a growing trend for non-fungible tokens means this could all be about to change.
So could Tron be the token to bet on in 2021, or will it fail to gain any momentum as the bigger players hog the limelight? In the following Tron price analysis, we’ll consider which factors could be key to Tron’s success, as well as looking at what some leading experts and analysts are predicting for TRX in the near future.
Tron - an Overview
Tron was set up to compete with the likes of Netflix, Apple and Youtube by decentralising creative digital content. In other words, Tron’s founders wanted a system that would connect digital artists directly to their audience and cut out the middle man.
In theory, this means that artists keep more of their royalties as there’s no commission to pay and customers can access their favourite content at a lower cost.
To facilitate this rather noble ideal, the firm behind Tron bought BitTorrent - one of the world’s largest file-sharing networks - in 2018. Tron’s founder, the often maligned Justin Sun, has yet to reveal exactly why this deal was brokered - which is one of the reasons that Tron presents such an intriguing option for investors.
Whilst Tron has faced criticism in the past for allegedly pilfering existing technology, today the platform offers a highly versatile ecosystem for decentralised apps and its intent for the creative industries means it has a markedly different approach to some of the more established smart networks, such as Ethereum and Cardano.
Users on the Tron network can pay for content with its native token, Tronix and viewers can also reward content creators with the token. It’s fair to say that Tron presents a riskier investment than, say, Bitcoin, but the emerging demand for NFTs could change the crypto landscape significantly in the coming years.
History of TRON Price Movement
One of the best ways to start building a Tron price analysis for 2021, is by taking a look back at the token’s previous price movement. Doing so can reveal potential barriers, as well as inform us as to how TRX may respond to certain market forces.
It’s fair to say that Tron has not experienced the meteoric price increases seen by the likes of Bitcoin and Ethereum. In fact, TRX’s price chart looks a little unusual when compared to many other tokens.
Like most coins, Tron started trading at next to nothing. However, unlike many others, TRX experienced its first price surge just months after its launch. Tron reached its all-time high of $0.21 in January 2018, after rumours of partnerships and comments from Justin Sun sent prices soaring by over 500% in just 4 days.
This phenomenon proved to be short-lived, however, and by February TRX was back down to $0.035. There was another price surge in April that same year, when prices once again rallied, this time reaching just over $0.09, but once again this wasn’t to last and TRX sunk to a low of $0.01 by the end of the year. Throughout 2019, it looked as the party had ended early for Tron and prices failed to crawl any higher than $0.038.
Tron also failed to see much action in 2020, with disappointing price movement throughout most of the year. The only significant uptick occurred in September, when prices reached a high of $0.04.
TRON in 2021
It’s fair to say that Tron's price movement had done little to set pulses racing in 2020 and it seemed the price bonanza that hit the crypto market at the end of the year had also passed TRX by. However, things started to pick up when the second market upswing struck in February 2021. TRX made nominal gains up to around $0.061 - growth of almost 120% on the beginning of the year - before tapering off slightly.
However, as the trend for NFTs and Dapps started to grow as 2021 went on, Tron once again found itself in the limelight and prices rallied in April, peaking at just over $0.141 - which may not sound like a huge sum, but this represents growth of over 400% on January’s price. At the time of writing, Tron was still holding at $0.140.
Experts Predictions for TRON in 2021
In order to form a balanced TRON price analysis for 2021, it’s necessary to collate information from several areas. Naturally, looking to the opinions and predictions of leading crypto experts is a good way of gauging industry sentiment towards Bitcoin and the market in general.
CEO and founder of ChainLeak, Josh Roomsburg, has long been a proponent of Tron, which he has previously compared to Netflix. More recently, Roomsburg has speculated on Twitter that Tron could be well on its way to hitting the $0.30 mark. “$TRX back at $0.15 Fire #TRX
What's next? $0.20 or $0.25,” he tweeted in April.
eToro Group crypto expert, Simon Peters has said that investors are increasingly looking away from tokens like Ethereum and Bitcoin to cheaper coins that will allow them to acquire a much larger holding.
“Rather than focus solely on Bitcoin and Ethereum, where many investors can only own a fraction of one coin, we are seeing increasing demand for coins priced like Bitcoin and Ethereum were a few years ago.” Among a list of coins, Peters speculated that Tron could well be one such coin.
Admittedly a biased source, but Tron founder and CEO Justin Sun believes people are now beginning to realise the potential of his token. “Everyone may now use their BTC/ETH to enjoy all the benefits of the TRON DeFi ecosystem without the high gas fees on Ethereum! JustSwap, a Uniswap alike service on TRON, has achieved $100 million 24-hour volumes since its start and represents TRON’s strong and growing DeFi ecosystem,” says Sun.
Top analytical platform CoinSwitch has expressed optimism for Tron, stating in a recent price analysis that “TRON has a great community of supporters and developers, where the founder himself is a great crypto enthusiast and believes in constant innovation.
So, TRON might be one of the users’ favourite cryptocurrency in the long run, as it has a huge support group from organizations all over the world. TRON even updates the enthusiasts about its every plan, and roadmap, which keeps the crypto enthusiasts thrilled. By 2025, TRX might reach $0.763.”
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Factors Affecting TRON Price
The NFT trend
Non-Fungible Tokens are one of the latest trends to take the world of blockchain by storm - and Tron presents a highly suitable platform for their development. The idea is to create a unique token that can effectively prove ownership of a digital asset. Most notable has been Twitter CEO Jack Dorsey’s auction of his original tweet - which Justin Sun himself bidding $2m for the NFT.
Sun wasn’t alone either, Sino Estavi, CEO of Tron-based blockchain network Bridge, went on to Bid $2.5m. Elsewhere, a 10-second clip showing a spectacular sequence by basketball superstar LeBron James fetched US$208,000 on the NBA Top Shot site, which further demonstrates the growing demand for NFTs.
Sun has previously expressed his support for NFTs, which he believes are the future of digital art and, if Tron capitalises on the trend, it could establish itself as the go-to platform for their development - which would naturally have a positive impact on prices.
Not something that usually has a major impact on the price of cryptocurrencies, but given Tron’s original intent as a digital content sharing platform, they could prove highly significant. So who is supporting Tron?
Well, the list isn’t hugely impressive - but it marks a step in the right direction. Lindsay Lohan has agreed to list her upcoming NFTs on clearinghouse, which runs on the Tron blockchain, and Beauty and the Beast podcaster Kendra Lust has also advised people “should use only TRX cause it’s fast, cheap and hot, even PornHub likes it thanks @justinsuntron.” Singer NE-YO and rapper Lil Yachty also jumped on the bandwagon, expressing their support for the token.
However, the spate of pro-Tron posts from low-level celebrities soon prompted rumours that Justin Sun had paid for their support. However, this is something he strenuously denied.
Once again, these endorsements may not be about to launch the price of TRX into the stratosphere, but if celebrity support continues to build, it could bode very well for Tron’s future as a digital content platform.
Ultimately, the price action of any cryptocurrency is dictated by buyer demand. Whilst Tron may be well placed to capitalise on the current trend for NFTs, there’s no way to tell whether this will strike a chord with major investors.
However, if Tron is able to achieve its objective of becoming a major content sharing platform and a legit contender with the likes of Netflix and Apple, then demand for Tronix is likely to skyrocket.
TRON Price Analysis for 2021
So what does all this mean for a Tron price analysis for 2021? One of the best ways of considering potential price movement is by collating the technical analyses of leading platforms.
TradingBeasts has predicted a fairly uneventful year ahead for TRX. They have the TRON token increasing in value month by month, but with growth being no higher than a cumulative 11.3% by the end of the year, with TRX trading at an average of $0.17 come December 2021.
DigitalCoinPrice is slightly more optimistic, predicting that Tron will reach $0.265 by May, before dipping slightly to $0.23 by the end of 2021.
Amongst the most optimistic Tron price predictions is that of the Economy Forecast Agency. It has TRX hitting $0.20 by the end of April and continuing to climb until reaching $0.36 by August. Prices will decline in September before TRX finishes the year of 2021 at $0.31.
Should You Invest in TRON in 2021?
Tron is one of the most intriguing cryptocurrencies out there. However, as an investment opportunity, there is no denying the fact that it comes with higher risk than some of the more established names, such as Ethereum, Bitcoin or Binance Coin.
That being said Tron price analysis for 2021 found plenty of reasons to be optimistic about the altcoin’s potential - but many of these factors point more towards long term growth.
Tron presents a great opportunity for investors looking to gain a larger holding with minimal outlay. Similarly, if you are looking to hodl an altcoin, then Tron could be one of the best options outside of the top ten tokens.
Read More: Is Tron a Good Investment?
Tron is one of the more unique cryptocurrencies on the market with a genuinely appealing raison d’etre. However, it's fair to say that Tron’s price movement was somewhat uninspiring up until the opening months of 2021.
The trend for NFTs and using blockchain as a means for sharing creative content is still emerging - it could prove to be a novelty or it could prove to be the new norm. It’s also worth noting that there are no guarantees that Tron will become the gold standard for NFT minting.
Ultimately, Tron is probably going to be a slow burner - with few major analysts predicting major growth in 2021. However, the low price of TRX compared to the major cryptos means now could be the ideal time to add it to your portfolio as a long term investment.
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Is TRON a good investment in 2021?
Tron is certainly expected to grow in 2021, but its real potential would appear to be as an investment over the mid to long term. That being said, Tron is currently trading at a much lower price than many top cryptos, so now could be a good time to add it to your portfolio.
Will Tron reach $0.30 in 2021?
Tron is expected to break its $0.20 sticking point by the end of the year, but some analysts have gone a step further and suggested it will go past $0.30 before 2021 is out.
What are the experts predicting for Tron in 2021?
Tron has experienced a spate of celebrity backing, especially as the popularity of non-fungible tokens takes hold. There are also one or two credible analysts and industry experts who are predicting big things for TRX in the coming months - but it’s fair to say TRX does not have the major backing that the likes of Ehtereum and Bitcoin enjoy.
Where can I buy Tron?
If you are looking to buy Tron then you’ll need to find a platform that lists the currency. We recommend eToro for most investors, as it offers one of the most approachable trading platforms with plenty of educational material to help you get started.