Some investors are speculating that the partnership could be with Alibaba Group Holding Ltd. (NYSE: BABA), as Alibaba's CEO Jack Ma was a mentor to Sun.
Thanks to the surge in interest, TRON found its way into the top six cryptocurrencies by market capitalization today.
According to TRON's website, the firm's "protocol is the blockchain's entertainment system of free content, in which TRX, TRON's coin, is circulated. Its native economic system enables an unprecedented one-on-one interaction between providers of digital entertainment content and ordinary users."
The website also said that "content providers will no longer need to pay high channel fees to centralized platforms like Google Play and Apple's App Store."
Below is a recap of the top cryptocurrency prices at 3:00 p.m. EST.
- Bitcoin: $16,815.70, +9.60%
- Ripple: $3.08, -9.42%
- Ethereum: $1,007.02, +0.11%
- Bitcoin Cash: $2,554.21, +3.97%
- Cardano: $1.07, -6.97%
- TRON: $0.2296, +24.34%
Now that we know all of today's price movements, here's what has been moving these cryptocurrencies…
Cryptocurrency Markets Today
On Friday, the market capitalization of the global cryptocurrency sector hit $774.47 billion. Bitcoin represents 36.4% of the total market, a figure that is sharply down from previous months.
Top performers from the largest 50 cryptocurrencies by market capitalization included Bytecoin (up 82.16%), Dent (up 81.78%), Experience Points (up 68.47%), Binance Coin (up 48.77%), Ethos (up 43.23%), Dragonchain (up 25.34%), TRON (up 24.34%), and Siacoin (up 18.30%).
The worst performers from the top 50 largest cryptocurrencies by market capitalization included Golem (down -12.58%), Populous (down -12.26%), Steem (down -10.55%), IOTA (down -9.10%), NEO (down -8.49%), Ardor (down -8.37%), and Dash (down -7.48%).
Bitcoin Nears $17,000 After Strong Recovery
In a letter to investors this week, British investor Jeremy Grantham did not hold back his true feelings about the cryptocurrency.
He said that the size and speed of the Bitcoin price surge over the last year outpaces the bubbles of the South Sea Co. in 1720, Dutch "Tulip Mania" in 1637, and the Wall Street collapse of 1929.
"Having no clear fundamental value and largely unregulated markets, coupled with a storyline conducive to delusions of grandeur, makes this more than anything we can find in the history books the very essence of a bubble," Grantham wrote.
Parody Coin Is Now Worth $1 Billion
It's never a good sign when the creator of a cryptocurrency questions the valuation.
That has happened recently with the founders of Ethereum and Litecoin over the last few weeks.
So, imagine how the creator of a cryptocurrency that was created as a parody feels…
Let's check in with Jackson Palmer, the founder of Dogecoin, a cryptocurrency that parodies a famous internet meme of a Shiba Inu dog.
On Thursday, the market cap topped $1 billion, and it's entirely unclear what the purchase of the coin actually is.
"I have a lot of faith in the Dogecoin Core development team to keep the software stable and secure, but I think it says a lot about the state of the cryptocurrency space in general that a currency with a dog on it which hasn't released a software update in over 2 years has a $1B+ market cap," Palmer said in a conversation with CoinDesk.com.
Remember Your Cryptocurrency Gains at Tax Time
Did you make big gains from Bitcoin, Litecoin, and Ethereum in 2017?
If so, Coinbase is actively reminding its users to declare their profits come tax time this April.
The cryptocurrency exchange listed its advice to traders on the Coinbase homepage this week, including a working beta model to calculate gains for the year.
Coinbase uses a first-in, first-out (FIFO) accounting method to simplify tax calculations.
However, investors are encouraged to speak with their tax advisor to determine the best accounting method.
Up Next: Never Miss a Cryptocurrency Opportunity Again
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About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.