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Tron (TRX): Price, history, and influencing factors – the key facts

Key information about Tron:

  • The Tron (TRX) blockchain based operating system was developed and released in the year 2017 by the Tron Foundation
  • The present-day Tron (TRX) token was originally based on ERC-20 tokens from the Ethereum blockchain before migrating to its own network a year after its release
  • The goal of this cryptocurrency is to provide content creators with an easier and fee-free marketing path for digital content, rather than using internet platforms as intermediaries between producers and consumers
  • The Tron operating system allows for the use of Smart Contracts and decentralised apps, commonly referred to as DApps
  • The cryptocurrency reached its all-time high in January 2018 with a TRX price of 0.22 US dollars per token and ranks among the top 15 cryptocurrencies by market capitalisation

About Tron (TRX)

Tron (TRX) was developed and released in 2017 by the Tron Foundation. This platform is a decentralised operating system based on a blockchain. Since this blockchain, or database, is simultaneously stored and updated on numerous computers across the globe, it is decentralised, providing users of the platform and the TRX tokens with a high degree of security.

The platform was founded to simplify the process of publishing digital content for creators. Through Tron, anyone can upload their own digital content and receive rewards in the form of TRX tokens.

Originally, the Tron (TRX) cryptocurrency was based on ERC-20 tokens of the Ethereum blockchain, which made it a token. After migrating to its own network, Tron (TRX) became classified as a coin. However, since the cryptocurrency serves a purpose beyond just storing value and trading, it is still often referred to as a token within the community. If you are interested in purchasing Tron (TRX) to participate in its market price, Bitpanda offers a platform for easy trading of over 2,500 digital assets, including more than 200 cryptocurrencies. Register now to start building your crypto portfolio with Tron (TRX) and many other coins and tokens today.

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Tron (TRX): More than just a cryptocurrency

The Tron (TRX) platform aims to provide users with a decentralised internet. Anyone can create and use DApps, Smart Contracts, digital content, and even their own tokens based on TRX. Those who create DApps on the Tron network are compensated with digital assets. Games can also be created and played within the Tron network environment. To reward developers or finance new projects, users and players pay rewards in the form of TRX or separately created tokens.

Tron uses a procedure similar to the Ethereum platform. With the help of the Tron Virtual Machine (TVM), Smart Contracts are executed. These are contracts that are automatically carried out when certain conditions are met.

Tron was funded through an Initial Coin Offering (ICO) in 2017, raising 60 million US dollars for the project. A total of 40 billion TRX went to the ICO investors. 15.75 billion TRX were allocated to private investors, and 34 billion TRX went to the Tron Foundation. Another 10 billion tokens were received by Peiwo Huanle Technology, the tech company of Tron's founder, Justin Sun. Upon the release of the cryptocurrency, the Tron Foundation burned, or destroyed, 1 billion TRX tokens.

The three layers of the Tron ecosystem

Unlike most competitors, in the Tron ecosystem uploaded files are not stored on a central server. Instead, the content is stored in a decentralised manner and made available for file sharing. To realise this decentralisation, the Tron network is divided into three layers, known as Core Layer, Storage Layer, and Application Layer.

The Core Layer is responsible for the creation and modification of Smart Contracts, account management, and implementing the Proof of Stake validation method. The Storage Layer stores files and other data. Developers create decentralised apps, commonly known as DApps, based on the blockchain in the Application Layer.

Investments in Tron (TRX) price and purchasing the cryptocurrency's coins

Investors can participate in the Tron (TRX) price in various ways. In an indirect investment, investors put money into financial products that only reflect the cryptocurrency's price, such as Contracts for Difference (CFDs) or Exchange Traded Notes (ETNs).

If you're more interested in directly purchasing Tron (TRX), you can easily buy individual coins and tokens from over 300 different cryptocurrencies via the Bitpanda platform. The best part: if you hold your coins or tokens of certain cryptocurrencies at Bitpanda, you can also benefit from Bitpanda Staking, earning between 5 and 7 percent in rewards. 

Keep in mind that the price of certain cryptocurrencies like Tron (TRX) can be highly volatile. Volatility refers to the strength of potential price fluctuations of an asset. With Bitpanda Savings Plans, you can automatically and regularly purchase pre-selected assets. Due to the varying prices at different times for Tron or other coins, your investment's average price increasingly reflects the average price of the Tron (TRX) cryptocurrency. Experts also refer to this as the Cost-Average Effect.

If you want to invest in cryptocurrencies like Tron (TRX) but find individual assets too risky, investments in Tron through Bitpanda Crypto Indices may be the right solution for you. With just one click, you invest in a broad array of different coins and tokens, spreading the risk of your crypto investment while diversifying your portfolio at the same time.

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Important facts about Tron (TRX)

What you should know about Tron:

  • Tron (TRX) was developed and launched by the Tron Foundation and Justin Sun in 2017
  • The operating system aims to simplify the provision of digital content and the remuneration of developers
  • No fees are charged for transactions
  • The network is built on three layers: the Core Layer, the Storage Layer, and the Application Layer
  • Measured by market capitalisation, Tron (TRX) ranks among the top 15 cryptocurrencies
  • Besides trading its native Tron (TRX) and separate tokens, the Tron platform also allows the use of Smart Contracts and decentralised applications
  • The network was originally developed based on the Ethereum blockchain, and the cryptocurrency Tron (TRX) was based on the ERC-20 token
  • Currently, there are about 91.59 billion Tron (TRX) in circulation
  • The all-time high for the TRX price was reached in the year 2018 with a price of 0.22 US dollars per TRX
  • The current maximum supply of Tron is 100 billion TRX, but according to the Tron Foundation, this figure can be adjusted
  • Transactions of the cryptocurrency are validated using Delegated Proof of Stake (DPoS), where specific tokens are used and a delegate is chosen to verify transactions and reward voting wallets
  • Up to 2,000 transactions per second can be processed
  • Since the year 2022, Tron also includes the stablecoin USDD, which pegs its value to the US dollar
  • If you're interested in the Tron cryptocurrency and are seeking more information about the blockchain-based operating system, the Tron whitepaper can provide you with a deeper insight into the project

Information about the price of the cryptocurrency Tron (TRX)

As with most cryptocurrencies, the TRX price is determined by supply and demand. The more investors want to purchase the cryptocurrency, the more the price and value of Tron increase. If demand decreases or supply increases, the price and value will correspondingly decrease. Various factors can influence investor interest and thereby affect the TRX price.

Tron (TRX) price: Milestones and key events

With the help of the Initial Coin Offering (ICO) in 2017, Tron secured 60 million US dollars (USD) to fund the project. In the process, 40 billion TRX were distributed to ICO investors. The all-time high for the TRX price was reached in 2018, at a price of 0.22 US dollars per token. During the price corrections in the subsequent years, the price fluctuated between 0.01 and 0.04 US dollars per TRX. In 2021, the cryptocurrency reached a peak of 0.16 US dollars per token. Tron's price declined again in 2022, reaching a low of about 0.05 US dollars in November. In February 2023, TRX temporarily crossed a threshold of 0.07 US dollars.

Key events and milestones for the Tron and TRX price thus far have been:

  • 2018: 0.22 USD / TRX (All-time high)
  • 2019: 0.01 - 0.04 USD / TRX
  • April 2021: 0.16 USD / TRX
  • November 2022: 0.05 USD / TRX
  • February 2023: 0.07 USD / TRX

The history of the TRX price: The crypto hype of 2017

Shortly after its launch, Tron experienced positive price development. The crypto hype that began in 2017 led to significant price gains for most cryptocurrencies. Likewise, the TRX price climbed to an all-time high of 0.22 US dollars per TRX by the beginning of 2018. In the price corrections that followed in the years 2018 and 2019, there were losses, and the Tron price settled for a long time between 0.01 and 0.04 US dollars per coin.

The TRX price in the 2021 bull market

The year 2021 saw significant price gains for most cryptocurrencies. Experts refer to such temporally limited phases as a bull market. Tron also experienced immense price growth. In April 2021, the price per token reached a peak of 0.16 US dollars. The strong price increases can be attributed to various reasons.

With the growing acceptance of cryptocurrencies as asset classes, more and more institutional investors and large companies began to make significant investments in assets like Bitcoin. Notable investors and companies such as Tesla, Square, and Elon Musk invested in the crypto market, thereby driving up interest and demand. Additionally, an increasing number of businesses and retailers began to accept cryptocurrencies as a form of payment. As the day-to-day functionality of cryptocurrencies increased, so did interest among private investors, which in turn led to further price increases.

Low interest rates due to the Coronavirus pandemic led investors to increasingly seek alternative investments that promised higher returns. This drew more attention to cryptocurrencies, raising their prices through increased demand.

The Bitcoin halving in May 2020, which halved the reward for Bitcoin miners, led to a decreased supply of BTC. This reduced supply, combined with increasing demand, not only influenced the price of Bitcoin but also affected the prices of many other cryptocurrencies. This enabled many digital assets to attract growing interest and record substantial price gains.

The Tron price in the crypto winter of 2022

In the year 2022, various factors led to significant losses in the cryptocurrency market, affecting the Tron price, also known as TRX. Following the bull market in 2021, prices at times plummeted to as low as 0.05 US dollars per TRX. Some countries planned and implemented regulatory measures for cryptocurrencies. For instance, China imposed a complete ban, and India prohibited private wallets. With a continuously growing supply of cryptocurrencies, the market became oversaturated. As many of these new coins and tokens lacked a sustainable business foundation, investors increasingly lost faith in this asset class.

Another reason for the price drop is market correction, which often occurs after periods of high gains. Investors cash in their profits and exit the market. This increases the supply of a cryptocurrency's coins or tokens while demand simultaneously decreases, causing the price to drop sharply. The collapse of the crypto platform FTX and the crash of the Terra blockchain also significantly eroded trust in the crypto scene.

Current trends of the TRX price and projections for the coming years

After the steep losses in 2022, the Tron price has stabilised in recent months. The cryptocurrency temporarily broke through the 0.07 US dollars per TRX threshold in February 2023. Many experts forecast further price increases in the coming years. This upward trajectory is mainly attributed to declining inflation rates and a stabilising geopolitical situation.

Another crucial factor in these projections is the ongoing development of Web 3.0, which entails the expansion of a decentralised internet. With its high functionality for content creators, Tron could also benefit from this development with strong price gains. However, it's worth noting that past performance is not an indicator of future performance for a cryptocurrency.

Tron (TRX): Factors affecting the price

In addition to general influences on cryptocurrency prices, Tron's price is particularly influenced by the high-profile actions of its founder and developer, Justin Sun. Sun is notably famous for his unique marketing campaigns. In 2018, Tron acquired the decentralised file-sharing provider BitTorrent. During the Initial Coin Offering (ICO) for the BitTorrent cryptocurrency project, known as BTT, the released coins sold out in less than 15 minutes.

In 2019, Sun donated around 4.57 million US dollars to a charitable organisation to win a meal with the investor and Bitcoin sceptic Warren Buffet, with the intent of discussing cryptocurrencies with him.

General factors affecting the TRX price include the overall geopolitical and economic landscape, the market capitalisation compared to other cryptocurrencies, and news within the crypto community. When a company invests in a coin or token, it's a significant trust factor that also piques the interest of private investors. Conversely, crashes and hacks tend to reduce interest. Key developments in Tron's platform functionality generally lead to an increase in demand.

FAQs – Tron and TRX

Are you interested in more information about Tron? The subject of digital assets can be complex. We address the most frequently asked questions about the TRX token, the cryptocurrency's price, and possible forecasts.

  • Tron forecast: Will TRX rise?

    Experts anticipate a rising price trend for Tron, also known as TRX, in the coming years due to economic stabilisation of digital assets as investments and increased functionality of the Tron cryptocurrency. A new all-time high could be achieved as early as 2026.

    However, investors should bear in mind that past forecasts and price trends are not indicators of future performance.

  • How can one purchase TRX?

    Investors can indirectly invest in financial products like Contract for Differences (CFDs) or Exchange Traded Notes (ETNs) that replicate the TRX price. Direct purchases of TRX are possible on cryptocurrency platforms and exchanges.

    Those wanting to buy Tron (TRX) and other digital assets can easily invest via Investors also benefit from various additional advantages like Bitpanda's savings plans, Bitpanda Staking for specific cryptocurrencies, and Bitpanda Crypto Indices for a broad diversification of their crypto portfolio.

  • Where can TRX token-coins be stored?

    Like most cryptocurrencies, TRX tokens can be stored in crypto wallets. Many online platforms offer what are known as web wallets for this purpose. The access information in the form of a private key and public key is stored on the platform, allowing cryptocurrencies to be directly traded and stored online.

    However, the safest method is to store them in a cold wallet, also known as an offline wallet. This reduces the risk of hackers gaining internet access to your data and stealing your cryptocurrencies.

  • What are the advantages of Tron (TRX)?

    Tron aims to offer a simple and direct way for users to provide digital content online and be directly compensated for it. The network charges no fees for transactions and can handle up to 2,000 transactions per second. This makes Tron considerably more scalable than, for instance, Bitcoin.

  • What are the disadvantages of Tron (TRX)?

    Experts identify a significant downside to Tron in its long development timeline. The roadmap schedules the completion of development for as late as 2027. Additionally, the Tron Foundation acts as a central administrative body, meaning investors must accept the foundation's decisions, as no decentralised decision-making entity is established. Tron also still lags significantly behind Ethereum in the use of the platform for smart contracts.

  • Who accepts Tron as a form of payment?

    Tron is already accepted by many companies as a form of payment, including the travel platform Travala and the voucher platform Bitnovo. Furthermore, Tron (TRX) is an official currency of the Caribbean island nation of Dominica.

    If you'd like a straightforward way to pay with cryptocurrencies like Tron and other digital assets, the Bitpanda Card is just right for you. You can pay with TRX wherever you see a Visa logo. Your stored assets are converted at the current exchange rate and used for payment.

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