Cryptocurrency analysis Tron (TRX), BNB, and Cardano (ADA)

How are the coins Tron (TRX), Binance Coin (BNB), and Cardano (ADA) performing within the cryptocurrency market? In this article, we look at their price trends and the latest news concerning them. 

The exponential growth of TRON in the third quarter of 2024

In the third quarter of 2024, Tron achieved remarkable financial results, recording a revenue of 151.2 million dollars, an increase of 29% compared to the previous quarter. 

This increase highlights the effectiveness of the platform’s expansion strategies, as well as demonstrating its resilience in a complex economic context. 

The success is attributed to an increase in transaction volumes and the constant growth of the user base, which has strengthened the engagement with the Tron ecosystem. 

In parallel, the market capitalization of the platform has seen an increase of 24%, a sign of trust from investors in the long-term prospects of the project. 

The total value locked (TVL) in DeFi applications on Tron also recorded a growth of 4%, highlighting the vitality of the ecosystem. 

The stablecoin USD Tether (USDT) continues to play a central role on Tron, with the platform surpassing 58 billion dollars in capitalization by the end of the quarter. 

The increase in trading activity was marked by the significant rise in the average daily volume of decentralized exchanges (DEX), which reached an impressive 150%.

This growth has been supported by important strategic initiatives to improve network efficiency, such as the reduction of gas fees, which has made Tron more attractive for developers and users. 

Furthermore, Tron has launched innovative projects such as the T3 Financial Crime Unit and the development of a Bitcoin Layer-2 solution, demonstrating a strong commitment to security and integration with major blockchain technologies.

Binance loses market share, but BNB continues to shine

In the last two years, Binance, the largest centralized exchange (CEX) by volume, has experienced a significant loss of market share in the spot trading sector.

Currently, the exchange holds 39.54% of the market, a significant drop compared to 52.5% from last year. 

This represents a reduction of 13% in twelve months, continuing a bear trend that started in 2022, when Binance controlled about 62% of the market. 

However, while the exchange struggles to maintain its dominance, its native token, BNB, continues to perform exceptionally well. 

BNB has established itself as one of the best-performing exchange tokens on the market, according to a recent report by 0xScope. 

In addition to being used on Binance, BNB powers the BNB Chain, a platform on which thousands of blockchain projects are built and operational. 

This widespread use has helped BNB maintain its position among the top five criptovalute by market capitalization.

The weekly trading volume of BNB reached a peak of 41.32 billion dollars during the week of Bitcoin’s all-time high in March 2024, with a weekly average of 8.57 billion dollars. 

At the price level, BNB has recorded an impressive growth, starting from about $200 in October 2023 and reaching a historic high of $710 in June 2024. 

Since then, the prices of BNB have fluctuated between 500 and 600 dollars, keeping the token as one of the most performing in the crypto landscape. 

The price of Cardano in comparison with the cryptocurrencies Tron and BNB

Cardano (ADA) has gone through a difficult period in 2024, marking a bear trend since March, with increasingly lower highs and lows. 

In August, the token lost its position in the top 10 cryptocurrencies by market capitalization, due to a general market correction. 

Currently, ADA is trading at approximately $361, showing a modest increase of 2.55% over the last 30 days, but with an overall year-to-date loss of 39.09%. 

However, despite the difficulties, there are positive signs related to the growth of Cardano network’s smart contract capabilities, with the number of Plutus scripts increasing sharply, rising from 8,083 to over 91,470.

This development underscores the long-term potential of the platform, even if it is unlikely to influence the price of ADA in the short term.

In mid-October, Cardano entered a chart pattern known as “cup and handle,” a pattern that often anticipates a bull in the markets.

The trader Willmangalus, on TradingView, reported that the declining volume at the bottom of the “cup” and the moderate retracement in the “handle” are promising signs of a possible price recovery. 

However, there are doubts about the validity of the pattern, given that it formed in just one week, whereas it usually requires more time, at least 6 or 7 weeks.

Despite this uncertainty, some analysts remain optimistic. Willmangalus has set a stop loss at $0.338 and a take profit target at $0.394, with a potential gain of 9.14% and a possible loss of 6.37%. 

Other analysts, like TradingShot, suggest that a recent bull cross could indicate a more significant recovery in the long term, with optimistic forecasts seeing ADA reaching up to $5.