This surge follows an announcement of a partnership with a major company.
In just 24 hours, a digital coin by the name of Tron, worth less than a dime a mere 48 hours ago, has doubled its price and entered into the top 10 cryptocurrencies at number seven. Tron ascended 112 percent this morning to 21 cents, attaining a market cap of 13.8 billion. That puts this relatively unknown coin ahead of both litecoin and stellar's ranking in cryptocurrency.
According to CNBC, these gains can be attributed to founder Justin Sun's Twitter announcement from early Thursday that revealed the company "will announce our partnership with a very prestigious public company next week." This business alliance, according to Sun, will be announced on January 6th during a livestream event.
CNBC notes how this company's main objective is creating a blockchain-based platform for "monetizing digital entertainment." Tron is backed by some well-established executives in the Chinese business world, such as Wei Dai, owner of the bike sharing company ofo.
However, this sudden surge has been similarly experienced by other, lesser-known cryptocurrencies, as both Ripple and stellar rose significantly to secure a notable ranking on the cryptocurrency charts. Bitcoin still remains the most lucrative and well-known of the bunch, recently gaining 1,300 percent over the last year and accumulating a worth of over $15,000.