Tron Founder Buys BitTorrent, TRX Price Up Double Digits

Tron (TRX) Doubled

Tron (TRX) was reportedly the top scorer among the 100 major cryptocurrencies, posting a double-digit growth, on Tuesday.

The altcoin’s performance seemed to have picked up following the company founder Justin Sun’s $140M-acquisition of BitTorrent, which owns the popular file-sharing client uTorrent.

Talks regarding the “purchase” have been heard since May with some legal issues threatening to mar the deal. Ibinex News reported last week that the deal was sealed after a “legal battle“. No further information was disclosed.

The tenth largest cryptocurrency by market capitalization is currently up 17.9 percent, trading at $0.04938 at press time, pumping its market capitalization to more than $3.2B.

Despite the double-digit spread, data from Bitfinex shows TRX trapped in a descending channel giving off a bearish outlook. On the other hand, the $0.051 recovery from a low $0.0374 on June 13 managed to contain part of the bearish trend.

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