Cryptocurrencies have been under pressure in the past few weeks following the approval of a spot Bitcoin ETF. This price action is normal in that prices tend to move sideways or even pull back after a major move or event. But not all tokens have retreated, with Tron (TRX) surging to its highest point since 2021. Celestia (TIA) and Mantra (OM) surging.
Tron
Justin Sun’s Tron (TRX) has been in a strong upward trend in the past few months. Recently, it has jumped in the past ten straight days and is sitting at its highest point since November 2021. This surge has pushed the valuation of the TRX token to over $10 billion.
First, historically, Tron does not have a strong correlation with Bitcoin and other cryptocurrencies. For example, TRX was still rising when Bitcoin dropped below $16,000 following the collapse of FTX in 2022.
Second, TRX price has surged because of the strength of its ecosystem across all industries like DeFi and NFT. Looking at DeFi, Tron’s Total Value Locked (TVL) has surged to over $8 billion, making it the second-biggest player after Ethereum. JustLend, its AAVE alternative, has become the fourth-biggest DeFi platform after Lido, Maker, and AAVE. Sun.io, JustStables, and stUSDT are also in the top 20.
Further, Tron has become a giant in the stablecoin industry. The volume of stables in its ecosystem have jumped to over $50 trillion. Most of these coins are Tether’s USDT, Circle’s USDC, and Tron’s USDD. Tron has also proven itself to be one of the most profitable networks in the crypto industry.
The key caveat to remember about Tron is that Justin Sun has been accused by US authorities of wash trading. This could be the case since HTX, a company that Justin Sun is associated with is the second-biggest exchange for TRX after Binance.
Celestia
Celestia (TIA) is another top cryptocurrency that is doing well. It is trading at $19.52 after soaring by over 750% from its lowest point last year. It is also hovering near its all-time high, giving it a valuation of over $3.4 billion.
Celestia, a modular data platform, has done well as its ecosystem does well. This view is evidenced by the fact that transactions and data have risen in the past few months. As you can see in this explorer, over 2.6GB of data has been published in Celestia since launch. This is notable since it took a while to get to 1GB while the next 1.6GB took weeks.
Other data shows that Celestia’s block size has jumped to 734k whale the number of TIA accounts has risen to more than 899k. Transactions in the past 24 hours stood at over 76k. Therefore, these numbers mean that the ecosystem is gaining traction.
Mantra
Mantra (OM) crypto has also spiked in the past few months. The token is now hovering near its all-time high of $0.18 after rising by 775% from its lowest point in December. Mantra, an upcoming player in DeFi, has risen because of encouraging stats in the crypto industry
One of the most recent reasons why the coin has jumped is a recent proposal to upgrade the OM token to the Mantra Chain L1 token. OM has also been listed by several exchanges, including Indo and HTX. Also, the number of staked OM tokens jumped to over 87 million.
What is the outlook for Mantra, TRX, and TIA?
The outlook for the Mantra (OM), Tron (TRX), and Celestia is moderately bullish. I suspect that the TRX and TIA prices will continue rising because of their growing market share in the industry. As for Mantra, I am not entirely sure about its medium-term prospects because, technically, it has become highly overbought.
