Ethereum [ETH] and Tron [TRX] spike as Justin Sun drops hint of major partnership with Ethereum

Justin Sun, the CEO of the Tron Foundation, recently hinted of an imminent partnership with his long-time foe Vitalik Buterin, the co-founder of Ethereum. As it would be a symbiotic relationship between the two, their respective cryptocurrencies saw a massive spike on April 8.

Ethereum [ETH] shot up by a massive 8.66 percent, reinstating its position as the top altcoin in the market. Tron [TRX] saw a significant 6.11 percent increase in its price as it looked to claw back into the top-10 cryptocurrencies list. At press time, the coins marked the highest increase in the top-20 coin list, as the market held firm above $184 billion, with Bitcoin [BTC] inching closer to the $5,300 mark.

The Tron CEO hinted in a podcast with The Crypto Chick on April 6 that partnerships with “Ethereum developers” and enterprises built on the network would be tabled in the future, in a bid to “make the industry better”.

Given the history between the two major crypto-proponents, their partnership can only be a positive sign for the industry. Furthermore, the powerhouse combination of their respective networks, coupled with their Decentralised Applications push, may mean a bigger and more powerful network for developers.

The top altcoin has seen a major upswing as the Bitcoin green wave stormed through the market over the past week. Prior to the hinted partnership induced upswing, the coin surged from $141.75 to $167.57, where it was trading at 1700 UTC on 7 April. Beginning around the aforementioned time, the coin pushed up by a massive 10.79 percent to reach $184.38. At press time, the coin declined to $182.45.

Ethereum’s valuation has seen a massive increase of almost $2 billion since the hint was dropped. The coin’s current market price stands at $19.26 billion, inching closer to the $20 billion-mark, which it was above prior to November 2018.

FCoin took the top-spot for ETH trading volume and accounted for 4.58 percent of the global volume via the trading pair ETH/BTC. Other notable exchanges on the list were LATOKEN, ZBG, DOBI Exchange and Coineal.

Tron might not have reached the height of Ethereum’s spike, however, the coin managed to break multiple resistance levels as the market stabilized its collective upsurge. After the mid-week correction dropped the coin’s price from $0.0288 to $0.0253, the upward trajectory began. At 0200 UTC on April 7, the coin began rising up from $0.0268 by 9.71 percent to reach $0.0294, within a matter of hours. At press time, Tron’s price dipped slightly and was trading at $0.0285.

Market Capitalization also mimicked the price movement almost to a tee, with the coin’s market cap reaching a high of $1.94 billion in the recent wave. Since then, the coin has seen its market cap dip to the current value of $1.905 billion, behind the top stablecoin Tether [USDT], by around $200 million and well ahead of Bitcoin SV [BSV] by over $400 million.

OKEx takes the top spot for TRX trade volume, accounting for 11.2 percent of the global volume via the trading pair TRX/USDT. Other notable exchanges holding significant quantities of TRX volume are Huobi Global, BitForex, DigiFinex and HitBTC.