In recent days, the crypto market has faced a challenge as Bitcoin has been trading over 7.0% down in the past 30 days. Altcoins have suffered substantial losses as a result of this downturn. Nevertheless, TRON (TRX) has defied this trend, achieving a 1.12% increase in the past seven days and a 6.13% increase over the past 30 days.
TRX Onchain Metrics Analysis
TRX has been positively affected by the most recent market trends. It is currently recovering from a protracted downtrend and experiencing an increase in bullish sentiment. In the past seven days, Open Interest has increased from $21 million to $28 million, according to the Santiment data.
The increase in Open Interest across exchanges suggests that traders are either extending existing positions or taking on new ones. This implies that the upward trend will likely persist, indicating increased market activity and a growing interest in cryptocurrency.
Furthermore, data from Lookonchain demonstrated that USDT's trading volume on the Tron Network exceeded Visa's average daily trading volume of $42 billion, reaching an impressive $53 billion in a single day.
