Tron (TRX) Price Surges 16% Hitting Fresh All-Time High, What’s Next?

by

As a seasoned crypto investor with over half a decade of experience in this rollercoaster market, I have witnessed numerous altcoin rallies and bear markets alike. The recent surge in Tron (TRX) has caught my attention, particularly given its 16% rally within the last 24 hours and an all-time high market cap of $20.55 billion. This is a significant milestone for TRX, and it’s fascinating to observe how market dynamics can shift so rapidly.

TRON’s native cryptocurrency, TRX, has experienced a significant surge of approximately 16% over the past 24 hours, reaching an unprecedented high of $0.2381. This impressive growth has also propelled its market capitalization above $20.55 billion for the first time ever. The rally is backed by a substantial increase in daily trading volumes which have soared to over $2.55 billion, marking a rise of more than 112%.

Just as other alternative cryptocurrencies experienced an increase after Donald Trump’s election win, TRX has seen a surge of over 41% in the last month, reaching a fresh peak and venturing into a new price exploration territory.

The increase in Tron’s price could be attributed to an uptick in large-scale Tron transactions, as suggested by data from IntoTheBlock. On Monday, December 2, the number of significant TRX transactions (over $100,000) skyrocketed from 244 to 722. These substantial transactions amounted to approximately $432 million, as indicated by ITB data.

Courtesy: IntoTheBlock

Additionally, there’s been significant accumulation by major Tron holders, who acquired approximately 76 million TRX tokens the day before. Such increases in large-scale buying often spark FOMO (fear of missing out) among individual investors, leading to increased demand. Consequently, Tron is currently well-positioned for a possible short-term price rise. However, this escalation in whale activity may also lead to heightened price fluctuations.

Observing the recent flow of Tron (TRX) into crypto exchanges, it seems there might be an inclination towards profit-taking. In contrast to a net outflow of approximately 104 million TRX between November 30th and December 2nd, as per IntoTheBlock’s data, the exchange net inflows have switched to a net inflow of around 81 million TRX within the same period, indicating potential profit-taking activity.

Has the Altcoin Season Started?

Following a robust 38% surge over the past month, Bitcoin‘s dominance dipped beneath its two-year support level, potentially signaling the onset of an “altcoin season.” Conversely, since late December, coins such as Ether (ETH), XRP, Cardano (ADA), and others have shown significant signs of recovery.

The surge in altcoins for December has started, as per usual patterns that indicate a decrease in the proportion of altcoins compared to Bitcoin’s total market value. As mentioned by well-known trader Mikybull Crypto on Dec 3, this marks the beginning of an “altseason” within this particular cycle. He emphasized that this trend serves as a reliable signal for an “altcoin boom”.

Courtesy: Mikybull Crypto

Additionally, TRX reaching a new record high occurs just a week following Justin Sun’s announcement of a $30 million investment in World Liberty Financial (WLFI) tokens on November 25, positioning him as the biggest backer in Donald Trump’s cryptocurrency venture.

Some analysts view the recent record peak of the TRX token as a possible indicator of a forthcoming altcoin surge in December. In fact, numerous experts are predicting that this altcoin boom could persist into early 2025, with Ether (ETH) potentially hitting new record levels exceeding $5,000.

Read More

2024-12-03 18:28